Canadian stock exchange operator TMX announces rival bid

TORONTO (Reuters) - Canada's largest stock exchange operator TMX Group said on Saturday it had received a takeover proposal from a group of Canadian financial institutions called the Maple Group.

The non-binding cash and equity bid from Canadian banks and pension funds rivals a $3 billion bid from the London Stock Exchange, TMX said in a statement.

(Reporting by Pav Jordan; Editing by Paul Simao)