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A Canadian consortium aiming to buy TMX Group plans to extend the Aug. 8 tender deadline for its $3.8 billion bid, giving the regulatory process more time before shareholders are forced to decide, a source with the group told Reuters on Wednesday.
A takeover of the Toronto Stock Exchange operator under the Maple proposal requires approval by Canada's Competition Bureau as well as regulators in four provinces. Maple plans to integrate TMX's exchanges with the Alpha Group alternative trading system (ATS), raising antitrust concerns.
"We will extend the deadline as many times as we have to until the point where we have sufficient regulatory approvals for shareholders to be able to tender into a bid with certainty the regulatory process," the source said on condition of anonymity.
"The important point here is that Maple is not disappearing."
Maple Group Acquisition Corp., whose members include four of the nation's largest banks, four top pension funds and North America's largest life insurer, has offered $50 a share for TMX.