Montréal Exchange Inc. (MX) and TSX Group Inc. have released the results of MX shareholder elections for what they will receive in relation to the merger agreement between the two companies.

Under the amalgamation agreement, the maximum number of TSX Group common shares issuable to MX shareholders is 15,346,000, and the maximum amount of cash payable to MX shareholders is $428.2 million, the companies said in a release.

Earlier this month, the two companies announced that the deal would close on May 1. Quebec regulator Autorité des marchés financiers (AMF) has given MX and TSX Group Inc. the go-ahead for thee proposed merger and the Canadian Competition Bureau is also allowing the combination to proceed.

As a result of the elections, a total of approximately 15.32 million TSX Group shares will be issued, and $428.2 million will be paid in cash, to MX Shareholders upon completion of the deal on May 1

According to the companies, for those who elected to receive cash this comes down to $16.26 in cash and 0.4540 of a common share of TSX Group for each common share of MX.

Those who elected to receive shares of TSX Group will receive 0.7784 TSX Group Share for each MX common share, TSX Group said.

MX shareholders can expect to receive this payment on or about May 6, 2008. No fractional TSX Group shares will be distributed, it added.