The Maple Group, a consortium of 12 Canadian financial institutions, has received the required support from shareholders of Canadian exchange group TMX to complete a takeover of that company.
Approximately 91% of TMX Group shares have been deposited under Maple’s offer to acquire 80% of the bourse operator’s shares for C$50 per share. Those shareholders which have not taken up Maple’s offer have an extension period of 10 days to deposit their stock.
Maple now intends to complete the purchase of Alpha Trading Systems, an alternative trading system in Canada, and the Canadian Depository for Securities, a central securities depository.
The new firm, which keeps the TMX brand, will be chaired by Chuck Winograd, with Tom Kloet, the current CEO of TMX, serving as chief executive officer. Other directors include 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.
"It is a privilege to be invited to serve as chair and to help guide this great institution forward,” said Winograd. “In addition to being a successful business with interesting growth opportunities, TMX Group plays a central role in Canada’s capital markets and has an important public interest mandate."
“The company will move forward with a new board that represents a cross-section of experience and knowledge reflecting the importance of the company across the Canadian capital marketplace and the commitments made to regulatory authorities. I look forward to serving with my fellow directors and to contributing to TMX Group’s future success,” added Bertrand.
Maple’s takeover of TMX Group followed an unsuccessful bid by the London Stock Exchange Group, which was rejected by TMX shareholders in June last year.