Businessweek, the Wall Street Journal and others reported yesterday that Maple Group Acquisition Corp., composed of 13 Canadian financial institutions, will once again extend its Cdn. $3.73 billion mixed cash and shares offer for the TMX Group beyond the previous January 31st deadline if regulatory approvals are not received.
Maple’s offer to acquire the TMX is subject to approval from provincial securities regulators and the federal Competition Bureau, which initiated a second-stage review with the Commissioner of Competition announcing in November, 2011 that the Bureau had “serious concerns” about the transaction.
Some of the potential issues the transaction raises include a high degree of consolidation in the trading services market and issues based on access and pricing of clearing and settlement services, as the transaction would also include the acquisition of CDS Inc., Canada’s currently not-for-profit equity and fixed-income clearing operator.
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