Maple Group, composed of Canadian banks and pension funds, is considering whether it should extend its offer to acquire the country's biggest exchange operator, TMX Group. The deadline for the bid is today, but the effort has faced a tough regulatory review, which is ongoing.
Maple Group Acquisition is getting closer in its effort to take over TMX Group amid a failed wave of exchange mergers. "Maple and TMX are confident that the deal will receive regulatory approval. The market has been more responsive since the announcement of the support agreement. Maple and TMX remain committed to working with the regulatory bodies to ensure that this deal reaches completion," said Jennifer Lee, a spokeswoman for Maple.
Maple Group Acquisition, a consortium of Canadian banks and pension funds, is negotiating for other financial-services companies to join the group, a source said. Maple Group launched a counteroffer for TMX Group, which is considering a bid from London Stock Exchange Group. Adding other firms could give Maple's bid more weight in the eyes of TMX shareholders.
Maple Group Acquisition, which comprises four of Canada's largest banks and five pension funds, made a $3.72 billion unsolicited counteroffer for TMX Group. The bid threatens to derail TMX's proposed merger with London Stock Exchange Group. Former TMX executive Luc Bertrand is playing a key role in the consortium.