Institutional Shareholder Services, an independent adviser, has recommended that London Stock Exchange shareholders vote for a merger with Canadian peer TMX Group, in another blow to a counter takeover bid by Maple Group Acquisition Corp.

The adviser said that "it is recommended that LSE shareholders vote in favour of the proposal" to merge with TMX, as "no issues have been identified with the process, nor with the shape of the board following the merger and the strategic case is acknowledged."