Maple Group’s offer to acquire up to 80% of TMX Group shares for $50 per share in cash is complete. Approximately 91% of the outstanding TMX shares were deposited under the offer.
But TMX shareholders that have yet to deposit their shares will have an additional 10-day period to get cash. This deposit extension period expires at 5:00 p.m. on August 10, 2012.
A new board of directors was appointed. Chuck Winograd will serve as chair of the board. Tom Kloet will serve as CEO of Maple and TMX Group.
Other directors are: Luc Bertrand, Denyse Chicoyne, Marie Giguère, George Gosbee, William Hatanaka, Harry Jaako, William Linton, Jean Martel, William T. Royan, Gerri Sinclair, Kevin Sullivan, Anthony Walsh, Eric M. Wetlaufer, and Tom Woods.
Maple intends to complete the acquisitions of Alpha and Canadian Depository for Securities Limited today, August 1, 2012. Maple will be renamed TMX Group Limited on August 10, 2012.
The IIAC has formed a Committee to monitor the pricing and services offered by Maple Group.
“Now that the deal is finalized [we] will encourage and assist in the efficient and timely consolidation of services in the new TMX Group to minimize disruptions in our markets and related costs to our member firms,” says Ian Russell, IIAC’s president & CEO.
The areas it will be monitoring are:
Clearing and settlement
- Appropriate oversight and approval mechanisms to ensure clearing costs are fair and reasonable.
- Flexibility for market participants to direct executed trades to other clearing venue.
- Access to clearing services available on fair terms to all registered investment dealers.
- Appropriate oversight and approval mechanisms to ensure trading costs are fair and reasonable.
- Fair treatment for retail and institutional investors relative to high frequency trading operations in terms of trading fees and access.
Market data costs
- Appropriate oversight and approval mechanisms to ensure market data costs are fair and reasonable.
- Proposed price increases for Maple trading, clearing, data and listing services will require regulatory review and approval. The Committee will monitor the infrastructure to ensure the required resources and expertise are in place to carry out its mandate.