Maple Group, the consortium of 12 Canadian financial institutions, has received overwhelming support from shareholders of Canadian exchange group TMX to complete its takeover.
As of today, Maple has acquired 95.4% of the outstanding TMX Group shares for $50 per share in cash.
All TMX Group shares that were not acquired by Maple under the offer will be exchanged for shares of Maple on a one-for-one basis pursuant to the subsequent arrangement.
Maple now plans to integrate TMX's existing businesses with Alpha Group, a Canadian alternative trading system, and CDS Clearing and Depository Services, Canada's national securities depository.
"Work is underway to identify and achieve synergies as well as to chart a path forward for the combined enterprise that serves all participants and clients across Canada and worldwide,” said Tom Kloet, chief executive officer of Maple and TMX Group. “A successful integration with tight operational execution combined with innovative product and solution development are our foremost priorities."
Maple first bid for TMX Group following the London Stock Exchange Group’s proposed cash and stock bid of C$3.7 billion for the Canadian exchange operator. The London Stock Exchange was forced to eventually retract its bid after failing to receive TMX shareholder support.
Maple, now renamed TMX Group Limited, has received conditional approval to list its shares on Toronto Stock Exchange, which is planned to take place on or before 2 October.
Reporting by Jaya Menon