Not even the prospect of reaping a 198 percent annualized return in one month can dissuade traders from betting that the $3.73 billion takeover of TMX Group Inc. is more likely to unravel than any other deal in North America.
The operator of parking garages at the new Yankee Stadium , whose revenue is running 40 percent below projections, will make its April 1 debt payment, according to Nuveen Asset Management , which holds about half of the bonds.
Maple Group Acquisition Corp., comprised of 13 Canadian financial-services firms, will extend its C$3.73 billion ($3.69 billion) offer for TMX Group Inc. past a Jan. 31 deadline if it hasn’t received regulatory approvals to buy Canada’s main equities and derivatives markets.
Hedge funds specializing in distressed debt are buying municipal bonds backed by parking lots and garages at the new Yankee Stadium , which face a payment default as soon as next year, according to two people familiar with the purchases.
Maple Group Acquisition Corp., the group of Canadian banks and pension funds seeking to buy the Toronto Stock Exchange owner, will update investors this week on its C$3.73 billion ($3.61 billion) offer as talks continue with regulators and TMX Group Inc.
Manulife Financial Corp. , Canada’s largest insurer, joined a group of Canadian banks and pension funds seeking to buy TMX Group Inc. , owner of the Toronto Stock Exchange, according to a person familiar with the negotiations.
TMX Group Inc. Chief Executive Officer Thomas Kloet said the gap between his company’s stock price and a takeover offer by a group of Canadian banks and pension funds reflects investor concerns that regulators may reject the C$3.73 billion ($3.65 billion) deal.
Melanie Aitken, Canada’s antitrust regulator, has developed a reputation as a “fearless” guardian of the country’s competition rules in battles against Visa Inc. and Air Canada that suggests she may contest the proposed sale of the Toronto Stock Exchange to a group of banks and funds.