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

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TIMELINE-Canada's TMX Group in play May 31st 2012, 20:10 Thu May 31, 2012 4:10pm EDT May 31 (Reuters) - The Canadian consortium of financial institutions bidding for the operator of the Toronto Stock Exchange extended its offer for an eighth time on Thursday and said it was confident it would complete the deal by its July 31 deadline because the process cannot drag on indefinitely. Prolonging the C$3.8 billion ($3.67 billion) bid to buy TMX Group Inc, Maple Group said the extension will allow for the regulatory approvals needed for its ambitious plan that would transform Canada's stock trading landscape. Following is a list of the major events related to Maple Group's efforts to take over TMX. 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 Maple Group Acquisition Corp. 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 after it becomes obvious that the deal will not win the necessary two-thirds support at a TMX shareholders 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, 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 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 the Ontario regulator will publish draft orders for a 30-day public comment period before it makes a final decision on the deal. April 27 - Maple says it 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. April 30 - Maple extends its offer for a seventh time, this time to May. 31. It also says it has reached deals to buy Alpha Group for C$175 million, as well as CDS for C$167.5 million. It says it has extended its support agreement with TMX to July 31, after which the parties can walk away from talks. May 3 - Maple says it will accept the conditions the Ontario Securities Commission has put on the takeover, likely setting the stage for the deal to go ahead. Quebec's Autorité des marchés financiers, which has already said it intends to approve the deal, issues a separate notice and promises additional consultations about Maple's desire to wrap the CDS stock clearing system into the new entity. May 14 - Maple and TMX note publication of Alberta Securities Commission staff notice May 24 - Maple and TMX note the British Columbia Securities Commission issues draft recognition orders and undertakings for public comment until June 22. May 31 - Maple extends its bid offer for an eighth time, to July 31, and its key spokesman, Luc Bertrand, says the group is "very confident" the deal will get done by then. Link this Share this Digg this Email Reprints

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