Maple Group Acquisition Corporation ("Maple"), a corporation whose investors comprise 13 of Canada's leading financial institutions and pension funds, reported on developments on the regulatory process for its proposed acquisition of the TMX Group and subsequent acquisitions of CDS and Alpha Group.
Maple filed its pre-merger notification filings with the Competition Bureau on June 16 and today received Supplemental Information Requests, indicating that the Bureau requires additional information in order to complete its review of the proposed transactions. The Supplemental Information Requests were expected given the scale and scope of the proposed transactions. Maple will continue to work with the Competition Bureau in the usual course through its ongoing review.
Maple also reported that it did not receive a request for additional information or documentary material in connection with its Notification and Report Form that it filed under the Hart-Scott-Rodino Antitrust Improvements Act with the US Department of Justice and the US Federal Trade Commission. As a result, no further reviews are necessary by either organization.
"We are pleased with the progress we are making on regulatory matters related to our bid," said Luc Bertrand, speaking on behalf of Maple's investors. "We continue to believe our vision represents the best way forward for the TMX Group, its shareholders and all participants in the Canadian capital markets. Our ongoing discussions with TMX shareholders and stakeholders continue to be very positive."
Maple's offer remains subject to the satisfaction of other conditions detailed in its offer, including obtaining approvals from applicable securities regulatory authorities. Further details of Maple's offer are available in its offer and circular dated June 10, 2011, as varied by a notice of variation dated June 24, 2011, which have been filed on SEDAR and sent to TMX Group shareholders.