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Jul 27, 2011

Maple will extend Aug 8 deadline on TMX bid

TORONTO (Reuters) – A consortium aiming to buy Canada’s TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) plans to extend the August 8 tender deadline for its C$3.8 billion ($4.04 billion) bid until shareholders can be more confident regulators will approve the deal, a source within the group said on Wednesday.

A takeover of the Toronto Stock Exchange operator under the Maple proposal requires approval by Canada’s Competition Bureau as well as regulators in four provinces. Maple plans to integrate TMX’s exchanges with the Alpha Group alternative trading system and the CDS trade clearinghouse, raising antitrust concerns.

Jul 27, 2011

Zarlink seeks alternatives to Microsemi bid

OTTAWA/TORONTO (Reuters) – Zarlink Semiconductor Inc has been in touch with possible new suitors as it fends off an unwelcome $548.7 million takeover approach from U.S. chipmaker Microsemi Corp.

Microsemi, an Irvine, California-based power management chipmaker, proposed last week to buy Ottawa-based Zarlink for C$3.35 a share, driving shares of Zarlink to a seven-year high even after the company said the offer was too low.

Jul 27, 2011

Zarlink promises speedy strategic review

OTTAWA/TORONTO, July 27 (Reuters) – Zarlink Semiconductor
Inc (ZL.TO: Quote, Profile, Research, Stock Buzz), which has snubbed a $548.7 million takeover
approach from U.S. chipmaker Microsemi Corp, plans to conduct a
strategic review of alternatives as quickly as possible.

The Ottawa-based company has not yet met with Microsemi and
believes it is undervalued with its U.S.-based peers.

Jul 22, 2011

Dundee buy highlights Canada’s roaring real estate

TORONTO, July 22 (Reuters) – Canada’s resilient economy,
rising rents and easy borrowing are fueling a buying spree
among real estate investment trusts, highlighted this week by
the largest office property deal ever by a Canadian REIT.

The boom shows no sign of cooling even as prices for prime
office space in Canada’s urban centers rise to the lofty levels
of 2007 — before the global recession, whose effects still
linger in the United States and Europe.

Jul 21, 2011

TMX to enter talks with Maple on C$3.8 bln offer

TORONTO, July 21 (Reuters) – TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) will enter
talks with a Canadian consortium offering C$3.8 billion ($4.02
billion) to take over the operator of the Toronto Stock
Exchange, opening the door for a friendly deal.

TMX authorized the discussions with Maple Group Acquisition
Corp about a month after the London Stock Exchange (LSE.L: Quote, Profile, Research, Stock Buzz)
abandoned a friendly bid that failed to generate enough
shareholder support.

Jun 29, 2011

LSE, TMX abort merger plans, leaving both in play

TORONTO/LONDON (Reuters) – The London and Toronto stock exchanges abandoned plans for a C$3.6 billion ($3.7 billion) tie-up on Wednesday, leaving both in play in a world already facing a wave of exchange consolidation.

The failed bid from the London Stock Exchange, opens the door to a hostile C$3.8 billion offer for TMX Group from Canada’s Maple Group consortium, a made-in-Canada alternative to a takeover that would have put a big domestic asset in foreign hands.

Jun 29, 2011

Toronto, London stock exchanges abort merger plans

TORONTO, June 29 (Reuters) – The London and Toronto stock
exchanges abandoned plans for a C$3.6 billion merger on
Wednesday, as it became clear they would not win enough
shareholder support for their transatlantic alliance.

In brief statements issued just one day before a
shareholder vote, the exchanges said they realized TMX Group
(X.TO: Quote, Profile, Research, Stock Buzz) shareholders would not give them the two-thirds majority
they needed to approve their friendly deal.

Jun 28, 2011

Proxy firms’ backing to help LSE in race for TMX

TORONTO (Reuters) – Endorsements from leading proxy advisory firms could become the London Stock Exchange’s (LSE.L: Quote, Profile, Research, Stock Buzz) secret weapon as it bids for the widely held TMX Group (X.TO: Quote, Profile, Research, Stock Buzz), operator of the Toronto Stock Exchange.

But it’s still not clear if the deal’s backers will muster the two-thirds of the shares they need for the C$3.6 billion ($3.7 billion) proposal to go ahead, or if shareholders will prefer a C$3.8 billion hostile offer from Maple Group, a consortium of Canadian banks and pension funds.

Jun 28, 2011

Advisory firms may give LSE an edge bid for TMX

TORONTO (Reuters) – Endorsements from two leading proxy advisory firms could turn out to be the London Stock Exchange’s (LSE.L: Quote, Profile, Research, Stock Buzz) secret weapon as it bids for the widely held TMX Group (X.TO: Quote, Profile, Research, Stock Buzz), operator of the Toronto Stock Exchange.

Glass, Lewis & Co, a major U.S.-based advisory firm, recommended for a second time on Tuesday that TMX shareholders vote in favor of the LSE’s C$3.6 billion ($3.7 billion) friendly takeover offer at a shareholder meeting on Thursday.

Jun 24, 2011

Maple’s TMX bid seen holding regulatory edge

TORONTO, June 24 (Reuters) – A Canadian offer to buy the
TMX Group (X.TO: Quote, Profile, Research) may have the regulatory edge over a friendly
London Stock Exchange (LSE.L: Quote, Profile, Research) bid that has the pro-Canada lobby
up in arms.

Lawyers and competition experts said neither bid faces
insurmountable regulatory obstacles.