March 30 (Bloomberg) -- A group of Canadian banks and pension funds extended their C$3.73 billion ($3.74 billion) offer for TMX Group Inc. until April 30, the sixth delay as it pursues regulatory approvals for its plan to buy the country’s main equities and derivatives markets.
The takeover by Maple Group Acquisition Corp., whose 13 members include Canadian Imperial Bank of Commerce, Canada Pension Plan Investment Board and Manulife Financial Corp., requires approval from Canada’s Competition Bureau and provincial regulators.
Quebec’s financial markets authority said March 15 that it intends to approve the proposed takeover. The Ontario Securities Commission will publish draft terms and conditions for a 30-day public comment period before making a final decision, Maple said March 15. The Competition Bureau said Nov. 29 that it had “serious concerns” about the plan.
Maple intends to buy 100 percent of TMX and integrate it with the Canadian Depository for Securities Ltd. clearinghouse and Alpha Group, a bank-owned alternative trading venue that competes with TMX, which owns the Toronto Stock Exchange.
Maple’s tender offer to buy at least 70 percent of TMX shares can be extended up to April 30, according to an Oct. 30 agreement with the Toronto-based exchange owner. Maple first proposed to buy TMX in May.