BCSC and ASC approve Maple TMX deal

By Staff | July 12, 2012 | Last updated on July 12, 2012
2 min read

The British Columbia Securities Commission and Alberta Securities Commission have approved final recognition orders with respect to Maple’s proposed acquisition of TMX Group and TSX Venture Exchange.

The BCSC has also approved a final recognition order with respect to Maple’s proposed acquisition of The Canadian Depository for Securities Limited, while the ASC has approved a variation order for the Natural Gas Exchange.

The purchase will allow Maple to operate a combined exchange and clearing group.

Maple says its committed to the continued success of the TSX Venture Exchange and the Natural Gas Exchange. The TSX Venture national and local public venture advisory committees will be maintained, and include members who can provide advice and recommendations to the board of directors on all policy, operational and strategic issues.

On July 4, 2012, Maple and TMX Group obtained final recognition orders for their transaction from the OSC and AMF.

“The publication of recognition orders set the stage for Maple to take up TMX Group shares under its offer on July 31, and we urge TMX Group shareholders to deposit and tender their shares to our offer before it expires,” says Luc Bertrand, speaking on behalf of Maple.

Maple’s offer to acquire a minimum of 70% and a maximum of 80% of the shares of TMX Group for $50 in cash per share is open until close on July 31, 2012. The offer is part of an integrated acquisition transaction, valued at approximately $3.8 billion, to acquire 100% of shares.

Maple is also seeking to complete the proposed acquisitions of Alpha and CDS concurrently with or as soon as possible following the completion of the Maple offer.

Maple recognizes TMX Group shareholders who support the offer may want to retain as many of their TMX Group shares as possible, in order to participate in the successor company and its ongoing upside potential.

Its offer includes a minimum deposit election, which will help shareholders support Maple’s transaction by having only the minimum number of TMX Group shares acquired for cash while still satisfying the minimum tender condition.

Shareholders that support the Maple Acquisition should accept the Offer, tender their TMX Shares under the Offer and make either the Full Deposit Election or the Minimum Deposit Election.

Shareholders that would like to receive as much cash as possible for their TMX Shares pursuant to the Maple Acquisition should make the Full Deposit Election.

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.