Maple Group has made progress with two key regulators in its endeavor to acquire TMX Group.
Following an extensive review of the C$3.8 billion acquisition, the Ontario Securities Commission (OSC) has requested its staff develop terms and conditions that could allow for an approval. Once the orders are published, there will be a 30-day comment period before the commission makes a final decision.
Meanwhile, Quebec's Autorité des marchés financiers (AMF) said Thursday that it intends to approve of the acquisition, following its own review of the deal.
Still up in the air is the verdict of the Competition Bureau, which voiced serious concerns
about the deal late last year. Additionally, the acquisition also requires approvals from the Alberta Securities Commission and the British Columbia Securities Commission.
Maple and TMX said that the recent developments would likely keep the acquisition from being finalized by the April 30 target date, so the organizations are discussing extending the deadline further. Maple is also in talks with its investors and lenders about extending the debt financing to be used in the deal.