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The proposed deal will be examined to see if it creates a "relevant merger situation", the UK Office of Fair Trading said today in a statement.
If the transaction announced in February qualifies, the watchdog will review whether it would "result in a substantial lessening of competition", the OFT said. The review could lead to a full probe by the UK Competition Commission.
The review comes after Maple Group Acquisition Corp., which comprises four Canadian banks and five pension funds, made a counter-offer to buy Toronto-based TMX for C$48 a share in cash and stock, topping the LSE's friendly, all-stock bid.