Maple again extends bid deadline

Maple Group Acquisition Corp. says it is yet again extending the deadline for its $3.8-billion takeover proposal for TMX Group Inc. (TSX:X) as it awaits regulatory approval.

The consortium of 13 Canadian banks and pension funds said Friday the deadline to acquire a minimum of 70 per cent of TMX shares has been extended until April 30, unless it is further extended or withdrawn. The bid has already been through several extensions, the most recent expiring Friday.

Given the status of the regulatory process, it will not be able to complete the deal by April 30, the original slated closing date under agreements with the TMX Group and Maple investors, the group said. The parties are in talks to extend that date, but there is no assurance it will happen, Maple said. The TMX Group runs the Toronto Stock Exchange and TSX Venture exchange as well as energy trading and other businesses.

Maple needs regulatory approvals to merge TMX with the alternative Alpha Trading System, and clearing and depository firm CDS Inc. Alpha and CDS are owned by the major players in the Canadian securities industry, several of which are part of the consortium.

Securities regulators in Quebec and Ontario indicated earlier this month they were moving closer to approving the offer. The deal also requires approval of regulators in Alberta and British Columbia.