A consortium aiming to purchase Canadian exchange operator TMX Group (X.TO) said on Wednesday it has extended the deadline for its C$3.8 billion to Sept. 30, as it continues to seek the necessary regulatory approvals. A takeover of the Toronto Stock Exchange operator under the Maple Group's proposal requires approval by Canada's Competition Bureau as well as regulators in four provinces. The group plans to integrate TMX's exchanges with the Alpha Group alternative trading system and the CDS trade clearinghouse, raising antitrust concerns. Maple Group, whose members include four of Canada's largest banks, four top pension funds and North America's largest life insurer, has offered C$50 a share for TMX. The Maple bid started as an all-Canadian alternative to a friendly offer from the London Stock Exchange (LSE.L), which derailed a month ago when it failed to generate sufficient shareholder support. Maple said if the regulatory approvals are not in place by Sept. 30, it would likely further extend its offer. It remains committed to its offer and confident it can secure approval by late fall.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X remained unchanged at $37.80. In the past year, the shares have traded as low as $37.80 and as high as $64.03. On average, 7851440 shares of X exchange hands on a given day and today's volume is recorded at 1200.
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