28 August 2015

TMX Group board backs Maple takeover bid

31 October 2011  |  3334 views  |  0 handshake

The board of TMX Group has finally recommended that shareholders accept a C$3.8 billion takeover offer from a consortium of Canadian banks and pension funds.

TMX Group's directors have unanimously backed the C$50 a share offer from the group of 13 partners collectively known as Maple.

The takeover offer has now been extended until January with Maple agreeing to a $39 million termination fee if the deal fails to materialise.

The agreement looks like bringing to a close a protracted battle for Canada's exchange operator. It initially agreed a merger with the London Stock Exchange in February and rebuffed Maple's later overtures.

However, in June the LSE deal fell through when it failed to get enough shareholders on side, paving the way for talks with Maple in July.

Having finally secured the TMX board's backing, Maple says it is confident of now getting regulatory approval by early next year.

Tom Kloet, CEO, TMX Group, says: "This is a unique opportunity to create an integrated exchange and clearing group that can provide efficiencies and new capabilities for the benefit of all market participants."

Speaking on behalf of Maple's investors, Luc Bertrand adds: "The combined company will be well-positioned to pursue growth opportunities through innovative new products and services, expanded distribution and international acquisitions or joint ventures."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

03 August, 2011
30 June, 2011
23 June, 2011
13 June, 2011
07 June, 2011
26 May, 2011
16 May, 2011
09 May, 2011
09 February, 2011

Related company news

 

Who is commenting?

Top topics

Most viewed Most shared
Uber introduces Airtel Money payment optio...
6408 views comments | 13 tweets | 6 linkedin
Android Pay could launch this week
6095 views comments | 26 tweets | 22 linkedin
Fintech Insurgency - Disrupting IT Outsour...
5610 views 0 | 1 tweets | 1 linkedin
FIS opens Indian financial inclusion lab
5609 views comments | 14 tweets | 2 linkedin
Kenya's NIC Bank links to Twitter and What...
4740 views comments | 27 tweets | 13 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job