Maple Group edges closer to £2bn takeover of Canada’s TMX
MAPLE Group said yesterday that it would accept a regulator’s conditions on its C$3.8bn (£2.3bn) bid for TMX Group, likely paving the way for the elusive takeover of the operator of the Toronto Stock Exchange to go ahead.
The consortium of Canada’s largest banks, insurers and pension plans said that if the terms from the Ontario Securities Commission (OSC) survive a 30-day comment period, it would accept them, allowing Maple to win control of the Toronto exchange in a deal that will give it some 85 per cent of Canadian stock trades.
“We believe that the orders published today set out a balanced framework that ensures strong regulatory oversight and accountability following the Maple transaction,” TMX chief executive officer Tom Kloet said in a joint statement with Maple.
In its document, the OSC made clear it was concerned about the transparency of the new exchange and was seeking controls on governance, including restrictions on the make-up of the board of directors and limits on ownership to ensure the new stock exchange operator acts in the public interest.