TIMELINE-Canada's TMX Group in play
July 4 |
July 4 (Reuters) - Canada's main securities regulator and its competition watchdog approved the takeover of the country's biggest stock exchange operator by a group of domestic financial institutions on Wednesday.
The two crucial approvals bring Maple Group's C$3.8 billion ($3.8 billion) bid for TMX Group Inc, operator of the Toronto Stock Exchange and other markets, close to completion following a protracted regulatory process. The developments clear the way for Maple's ambitious plan to transform Canada's stock trading landscape.
Following is a list of the major events related to Maple Group's efforts to take over TMX.
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 shareholders a 24 percent premium on the LSE 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 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 a public hearing held by the Ontario Securities Commission (OSC), Canada's main securities regulator, that it could give regulators the right to supervise clearing and settlement prices to ease competition concerns.
March 15 - Quebec's securities regulator says it intends to approve the proposed takeover. Maple Group says the OSC 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 - OSC issues draft recognition orders for 30-day comment period. Maple says it will accept conditions the OSC 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 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.
June 5 - Royal Bank of Canada says regulators should tighten rules on trading, clearing and settlement fees as part of any deal to approve the proposed takeover.
June 7 - TMX will be "uniquely positioned" to expand globally if regulators approve the Maple deal, TMX Chief Executive Thomas Kloet tells Reuters.
June 28 - The Competition Bureau says Competition Commissioner Melanie Aitken will step down in September, two years before her term ends.
July 4 - The Ontario Securities Commission and Canada's Competition Bureau approve the deal. British Columbia and Alberta are the only two provinces that still must sign off on all aspects of the bid.
($1=$1.01 Canadian) (Compiled by Jennifer Kwan and Allison Martell)
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