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Last night, TMX Group and Maple Group Acquisition Corporation announced that we have executed a support agreement in respect of Maple's offer to acquire TMX Group. A press release with full details is available.
In reaching this decision, our Board of Directors unanimously determined that the Maple offer is in the best interests of our company, our shareholders and stakeholders. The decision comes after thorough examination of the offer and careful negotiation to ensure both strong benefits to our capital markets and the continuity of TMX Group's vision. Of note:
- The existing TMX Group business plan remains largely in place, enhanced by the proposed acquisitions of CDS and Alpha
- CDS manages the trade clearing and settlement of depository-eligible securities, and is Canada's central depository for securities
- Alpha is an alternative trading system currently owned by some of Canada's largest financial institutions
- International expansion remains a key priority for TMX Group post-transaction
- Board composition and governance structure provides independent leadership with at least 50% of the proposed 15 member board of Maple being comprised of independent directors and an all-independent governance committee
TMX Group and Maple will work together to seek and secure all necessary approvals. As you may be aware, both the OSC and AMF will be holding hearings in late
November / early December. We expect the approval process to take some time and will update you as events unfold.
Please do not hesitate to contact me or any member of our team should you have any questions.
Sincerely,
Alain Miquelon
President and Chief Executive Officer, Montréal Exchange
TMX Group and Maple Group Press Release (.pdf)
