A consortium of Canadian banks and investment funds has succeeded in its bid to acquire the country's largest stock exchange.

Maple Group Acquisition Corp. has had 91 per cent of the equity of TMX Group Inc., the parent company of the Toronto Stock Exchange, tendered to its takeover offer.

The offer needed shareholders representing at least 70 per cent of the stock to agree to sell their stakes by Tuesday's deadline. Shareholders still have to formally vote to accept the deal at a meeting slated for September.

The $50-per-share cash offer values TMX at about $3.8 billion.

"TMX Group is pleased with today's outcome," CEO Tom Kloet said late Tuesday.

The new company, which will be renamed TMX Group Limited next month, will control the Toronto Stock Exchange as well as the alternative Alpha exchange and the country's largest clearing house, CDS, controlling some 90 per cent of trading in Canada.

Regulators in Ontario, Quebec, B.C. and Alberta, as well as the federal Competition Bureau, have approved the deal, with certain conditions.

Investors in Maple Group Acquisition Corporation are the Alberta Investment Management Corp., Caisse de dépôt et placement du Québec, the Canada Pension Plan Investment Board, CIBC World Markets Inc., Desjardins Financial Group, Dundee Capital Markets Inc., Fonds de solidarité des travailleurs du Québec, National Bank Financial & Co. Inc., Ontario Teachers' Pension Plan, Scotia Capital Inc., TD Securities Inc. and the Manufacturers Life Insurance Company.

They put together Maple Group to fight off a rival bid for the TSX from the London Stock Exchange Group, which launched its offer in February 2011. TMX Group's management preferred the LSE bid over the hostile takeover by Maple, but not enough shareholders supported the LSE merger and TMX management eventually threw their support to Maple. 

TMX Group also owns the TSX Venture Exchange, the Montreal Exchange and part of the Boston Options Exchange. 

With files from The Canadian Press