Maple Group, the consortium of Canadian banks and pension funds aiming to take over TMX Group, has pushed back the deadline for its C$3.8 bn ($3.9 bn) offer to September 30.
In a statement, the consortium says it will use the extension period to work to obtain the various regulatory approvals needed to complete the acquisition.
If approval is not achieved by the new deadline, Maple expects to extend the deadline further.
‘Maple remains committed to its offer and is confident it can secure all necessary regulatory approvals by late fall,’ reads the statement.
The consortium is aiming to buy a minimum of 70 per cent and a maximum of 80 per cent of TMX Group’s shares in cash.
It would then fund the rest of the takeover through a stock swap, giving TMX shareholders a minority stake in Maple.
Maple originally launched its bid for TMX in May in an effort to derail the exchange group’s friendly tie-up with the London Stock Exchange (LSE).
TMX Group had to abandon its merger with the LSE in late June after it failed to gain enough votes from shareholders backing the deal.
[Article by Tim Human, Inside Investor Relations]