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The offer is part of an integrated acquisition transaction, valued at approximately CA$3.8 billion (US$3.75 billion), to acquire 100 percent of TMX Group shares. The investors in Maple Group Acquisition Corp. include 13 of Canada's largest financial heavyweights including the Canada Pension Plan Investment Board, the Ontario Teachers' Pension Plan, several banks, and Manulife Financial. Maple said investment dealer GMP Capital Inc has agreed to withdraw from the investor group due to a requirement by Ontario and Quebec regulators that Maple's board include no more than 50 percent representation from the consortium's shareholder group. Maple Group is the only suitor remaining to buy TMX Group after a proposed merger with the London Stock Exchange was killed because there was not enough TMX shareholder support. Maple Group is the only suitor remaining to buy TMX Group after a proposed merger with the London Stock Exchange was killed because there was not enough TMX shareholder support. Thomas Caldwell, chairman of Caldwell Securities Ltd., which owns a stake in TMX Group, said he is pleased that the proposal is closer to completion, but that it "has taken an incredibly long time." "The salient points of this deal were known within the first week, and I do think it's ironic that securities regulators who demand full and timely disclosure from their registrants took a rather long view of this," he said in an interview. "I don't think it's any secret -- we preferred London to this, but we prefer this to nothing." The TMX has said it will continue its expansion plan, whether it comes to an agreement with Maple, or moves forward on its own. The TMX has said it will continue its expansion plan, whether it comes to an agreement with Maple, or moves forward on its own. On the Toronto Stock Exchange, the TMX group's shares were up CA$1.17 (US$1.16), or 2.5 percent, at CA$48.02 (US$47.44) in midday trading Wednesday.
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