The consortium of financial institutions and pension funds making a bid to acquire the TMX Group , operator of Canada's major stock exchanges, has extended its $3.8-billion offer until Sept. 30.
Maple Group Acquisition Corp. said Wednesday that during the extension period it intends to continue to work on obtaining required regulatory approvals for the acquisition, including from securities regulatory authorities and the federal Competition Bureau.
"If the required regulatory approval process has not been completed by Sept. 30, Maple's current intention would be to further extend its offer," the consortium said in a statement.
"Maple remains committed to its offer and is confident it can secure all necessary regulatory approvals by late fall."
The Maple offer is to acquire a minimum of 70 per cent and a maximum of 80 per cent of the shares of TMX Group Inc. - part of an integrated acquisition transaction to acquire 100 per cent of TMX shares.
The investors in Maple Group Acquisition Corp. are: the Alberta Investment Management Corp., Caisse de depot et placement du Quebec, Canada Pension Plan Investment Board, CIBC World Markets Inc., Desjardins Financial Group, Dundee Capital Markets Inc., Fonds de solidarite des travailleurs du Quebec, GMP Capital Inc., National Bank Financial Inc., Ontario Teachers' Pension Plan, Scotia Capital Inc., TD Securities Inc. and The Manufacturers Life Insurance Company.