Maple Group extends bid for TMX

A group offinancial institutions looking to buy the company that owns the Toronto Stock Exchange has extended its offer until the end of July to allow for time to obtain the necessary regulatory approvals.

Maple Group Acquisition Corp's $3.8-billion bid forTMX Group was set to expire at 5 p.m. ET Monday.Shortly after that deadline passed, a release from Maple Group said it would again extend its takeover proposal.

Maple Group, which represents a consortiumof 13 banks, pension plans and insurance companies, has been trying to buy the TSX since the parent company of the London Stock Exchange launched a takeover bid for Canada's largest stock exchange in early 2011. The LSE deal eventually failed because of lukewarm shareholder support, leavingMapleas the only suitor.

Last Friday, Maplesaid it could extend its bid beyondMonday if it was satisfied with the progress of the regulatory process.The Competition Bureau had earlier indicated it had serious concerns about the deal's structure. But last week,Maplesaid the bureau indicatedits concerns could be "substantially mitigated" by changes proposed by the Ontario Securities Commission.

2 acquisitions

In addition to extending its takeover offer, Mapleannounced Monday it was buying the Canadian Depository for Securities for $167.5 million, and Alpha Trading Systems Inc. and a related limited partnership for $175 million.

Alphaoperatesan alternative trading system. It was set up in 2007 by nine major Canadian financial organizations. The Canadian Depository for Securities provides clearing, depository and settlement services for approximately 6,000 exchange trades per day.

"These agreements are important milestones in our effort to realize our vision for a stronger and more globally competitive exchange and clearing organization," said Maple Group spokesman Luc Bertrand in a release. "We remain focused on securing the regulatory approvals required to complete the proposed transactions and deliver significant benefits to participants in Canada's capital markets."

Maple needs regulatory approvals to merge TMX withAlpha and CDS, which are owned by the major players in the Canadian securities industry, several of which are part of the consortium.