The Wall Street Journal has reported that the Competition Bureau has issued a no action letter in the proposed TMX Group Inc. / London Stock Exchange Group plc transaction.
According to the parties, the issuance of the no action letter satisfies the condition of their February 9th, 2011 merger agreement. For the TMX Group news release see:
TMX Group – London Stock Exchange Group Proposed Merger Receives Clearance from Competition Bureau
Under the Competition Act, merging parties may complete a proposed transaction that is notifiable when: an ARC is received (the strongest form of pre-merger clearance under the Act, typically issued in non-complex transactions where there are few or no issues); a “no action letter” is received, stating that the Commissioner does not at that time intend to seek a remedial order from the Competition Tribunal; or the applicable statutory waiting period has expired.
As a result of recent amendments, however, the Bureau may still challenge a transaction where a no action letter is issued (or the applicable statutory waiting period has expired, allowing the merging parties to complete) for up to one year post-closing.
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