Reuters: Regulatory News: TIMELINE-Canada's TMX Group in play

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TIMELINE-Canada's TMX Group in play Apr 27th 2012, 21:11 April 27 | Fri Apr 27, 2012 5:11pm EDT April 27 (Reuters) - A consortium bidding for TMX Group , the operator of Canada's biggest stock exchange, said on Friday it hopes to extend its $3.8 billion offer but is still working to resolve regulatory concerns. Following is a list of the major events related to Maple Group's efforts to take over TMX, owner of the Toronto Stock Exchange and other Canadian markets. 2011 Feb. 9 - TMX and the London Stock Exchange announce a $3 billion friendly deal that they characterize as "a merger of equals". May 14 - TMX says it has received an approach from a consortium of Canadian banks and funds called the Maple Group. LSE says it remains committed to the deal. Maple submits its formal bid the following day and says its C$3.6 billion proposal offers a 24 percent premium on the LSE's deal. May 20 - TMX rejects Maple's bid and asks its shareholders to support the LSE plan. June 22- Maple raises its hostile bid to C$3.8 billion. June 28 - TMX and LSE terminate their proposal deal after it becomes obvious that the deal will not win the necessary two-thirds support at a TMX shareholder vote. July 21 - TMX authorizes its board to hold takeover discussions with Maple Group. Oct 30 - TMX agrees to support Maple's bid of C$3.8 billion, or C$50 a share, which is now set to expire on Jan. 31, as Maple seeks regulatory approvals. Nov 29 - In a late-night statement, TMX Group says the federal Competition Bureau has "serious concerns" about the deal, including the impact it would have on equities trading as well as clearing and settlement services. Dec. 1 - Maple tells an OSC public hearing that it could give regulators the right to supervise clearing and settlement prices to ease competition concerns. 2012 Jan-March - The deal is extended three more times, most recently with an April 30 expiry date March 15 - Quebec's regulator says it intends to approve the proposed takeover, which will also put Alpha Group and the Canadian Depositary for Securities, a clearing house run by some of the banks that form Maple Group, under the TMX umbrella. Maple Group says Ontario regulators will publish draft orders for a 30-day public comment period before a final decision. April 27 - Maple says it hopes to extend its $3.8 billion offer but is working to resolve regulatory concerns. TMX shares rise 6 percent as investors interpret the statement as a cautiously optimistic sign that the deal might go through. Link this Share this Digg this Email Reprints

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