Maple Monopolizes Stock Trading in Canada

Maple Group Acquisition Corp., a consortium of Canadian banks, pension plans, investment funds, and related corporations, gained control of TMX Group Inc., owner and operator of the Toronto Stock Exchange (TSX), on July 31, 2012, receiving 91 percent of TMX’s shares for $3.8 billion. Maple was formed in 2011 with a view of maintaining Canadian ownership of the TSX following TMX’s rejection of a foreign takeover bid by the London Stock Exchange. (Malcolm Taylor/Getty Images)

By Patrick Li

Patrick Li

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August 1, 2012Updated: October 1, 2015

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Epoch Times Photo — Maple Group Acquisition Corp., a consortium of Canadian banks, pension plans, investment funds, and related corporations, gained control of TMX Group Inc., owner and operator of the Toronto Stock Exchange (TSX), on July 31, 2012, receiving 91 percent of TMX's shares for $3.8 billion. Maple was formed in 2011 with a view of maintaining Canadian ownership of the TSX following TMX's rejection of a foreign takeover bid by the London Stock Exchange. (Malcolm Taylor/Getty Images)

TORONTO—Maple Group Acquisition Corp. gained control over TMX Group Inc. Tuesday, receiving 91 percent of TMX’s shares for $3.8 billion.

Maple Group and TMX, the operating group of the Toronto Stock Exchange, announced in a press release that “all of the conditions to Maple’s offer to acquire up to 80 percent of the TMX Group shares for $50 per share in cash have been satisfied.”

Maple plans to rename the new company “TMX Group Limited” on August 10.

A new board of directors for Maple has been appointed, with Chuck Winograd serving as chairman of both the Maple board and TMX board, and TMX Group’s chief executive, Tom Kloet, becoming a chief executive at both Maple and TMX.

“It is a privilege to be invited to serve as Chair and to help guide this great institution forward,” Winograd was quoted as saying in the press release. “TMX Group plays a central role in Canada’s capital markets and has an important public interest mandate.”

As of Tuesday, Maple intends to complete the acquisitions of Alpha Trading Systems Inc. and Alpha Trading Systems Limited Partnership and the Canadian Depository for Securities Limited on August 1.

“TMX Group is pleased with today’s outcome. Tomorrow [Wednesday, Aug. 1], we will welcome employees from CDS and Alpha to our organization and together we will build an even stronger, more competitive company,” Mr. Kloet was quoted as saying in the press release.

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