Maple Group extends bid for TMX Group

AP News
Posted: Apr 30, 2012 5:48 PM
Maple Group extends bid for TMX Group

A group of financial institutions and pension funds trying to buy the operator of Canada's main stock exchange is extending its takeover offer to the end of July.

The Maple Leaf Group conceded last week that the bid for the owner of the Toronto Stock Exchange was unlikely to receive regulatory approval before the deadline.

Maple Group needs regulatory approvals to merge TMX with the alternative Alpha and CDS, which are owned by the major players in the Canadian securities industry, several of which are part of the consortium.

Maple said Monday it has reached agreements for the acquisition of Alpha and the Canadian Depository for Securities Ltd. The Competition Bureau remains the big hurdle for the takeover deal.