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The company got real results on most of those items. There’s a break fee of $39-million. There’s a process to establish the value of Alpha and CDS and, just as importantly, TMX has the ability to opt out of the friendly deal if it turns out that the price for Alpha or CDS is too high. TMX was worried that borrowing too much money would hinder its ability to expand in good times and weather bad times. TMX says it’s comfortable with the fact that the new company would be able to pay down the debt in short order, something Maple has always said is possible. That may be true, or it may be that TMX didn’t have the ability to move Maple on this question. But the fact is,Longchamp Outlet some shareholders are going to call for a recapitalization using borrowed money if the Maple deal fails anyway, in a bid to support the share price, so it’s not a smart hill to fight and die on. On governance, TMX negotiated a deal that gives the company an independent chair of the board, rather than one nominated by Maple. There will be a fully independent governance committee of the board. That will go some way to providing protection for users of the markets who are concerned that a bank-dominated Maple Group would not be as friendly to other market users. In the end, it will be regulators at the Ontario Securities Commission, their equivalents in Quebec, British Columbia and Alberta, and at the Competition Bureau in Ottawa who will have to judge whether the deal is fair to customers. But TMX has done a lot to ensure a deal that makes sense for all.
