TORONTO — Maple Group Acquisition Corp. says the Competition Bureau needs more information before it can complete a review of the group’s proposed takeover offer for the TMX Group — a move that would give Maple control of the majority of stock trading in Canada.
The group of 13 Canadian pension funds and financial institutions called Maple said Monday that the federal regulator asked for information regarding the offer.
It also sought details on the proposed acquisition of the Canadian Depository for Securities and Alpha Group, an alternative trading platform that is a major competitor to the Toronto Stock Exchange.
Alpha Group is owned in part by several members of the Maple consortium.
“The supplemental information requests were expected given the scale and scope of the proposed transactions,” Maple said in a statement.
The group also noted Monday that it has not received a request for additional information under the Hart-Scott-Rodino Antitrust Improvements Act in the U.S.
Maple has offered $50 in stock and cash for each TMX (TSX:X) share in a deal that values the stock exchange operator at around $3.7 billion.
The operators of the Toronto and London stock exchanges cancelled a proposed merger last month after the deal could not garner enough shareholder support to go ahead in the face of the Maple offer.
The TMX had repeatedly rejected the Maple offer because they said it loaded the company down with too much debt.
TMX shareholders have until Aug. 8 to tender their shares to Maple Group’s offer.
In addition to the federal Competition Bureau review, the Maple offer needs approval by securities regulators in Quebec, Alberta, B.C. and Ontario.
Maple members include the Canada Pension Plan Investment Board, CIBC World Markets, the Ontario Teachers’ Pension Plan, Scotia Capital, Manulife and Desjardins Financial Group.
Collectively, Maple members currently own 6.5 per cent of the TMX.