Maple Group takes control of TMX Group
With 91% of outstanding deposited, the Maple Group has taken control of the TMX Group. The deal has taken over a year to complete and is worth $3.8 billion.
A new board of directors has been appointed for combined group.
Chuck Winograd will serve as the Chair of the Maple Board and the TMX Group Board, and Tom Kloet will serve as Chief Executive Officer of both Maple and TMX Group, in addition to serving on the Boards of Maple and TMX Group.
Maple says it intends to complete the acquisitions of Alpha Trading Systems Inc. and the Canadian Depository for Securities Limited tomorrow.
"TMX Group is pleased with today's outcome," said Kloet.
"Tomorrow, we will welcome employees from CDS and Alpha to our organization and together we will build an even stronger, more competitive company. We are excited by the opportunities before us and are committed to serving all of our clients with excellence and innovation in the months and years ahead."
About 91% of the outstanding TMX Group shares have been deposited under the offer, satisfying the minimum tender condition. The offer for the remaining shares has been extended for an additional 10-day period until Aug. 10, 2012.