Brookfield Faces New Hurdle to Hostile Inter Pipeline Bid bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
July 12, 2021 - 4:38 PM
CALGARY - Alberta s securities regulator has said Brookfield Infrastructure Partners LP used abusive tactics in its attempt to acquire Calgary-based Inter Pipeline Ltd.
An Alberta Securities Commission panel has sided with Inter Pipeline, which alleged that Brookfield failed to properly disclose details around a total return swap it says gave Brookfield a 9.9 per cent economic interest in its company. Brookfield already owned a 9.75 per cent stake in the company outright.
Canadian securities laws require shareholders with more than a 10 per cent stake in a company to disclose their holdings. This early warning rule is meant to prevent a company from quietly amassing a large block of shares before launching a takeover bid.
Winnipeg Free Press By: The Canadian Press Save to Read Later
CALGARY - Alberta s securities regulator has said Brookfield Infrastructure Partners LP used abusive tactics in its attempt to acquire Calgary-based Inter Pipeline Ltd.
CALGARY - Alberta s securities regulator has said Brookfield Infrastructure Partners LP used abusive tactics in its attempt to acquire Calgary-based Inter Pipeline Ltd.
An Alberta Securities Commission panel has sided with Inter Pipeline, which alleged that Brookfield failed to properly disclose details around a total return swap it says gave Brookfield a 9.9 per cent economic interest in its company. Brookfield already owned a 9.75 per cent stake in the company outright.
Alberta Securities Commission Rules In Favor Of Pembina/Inter Pipeline In Brookfield Litigation
OTTAWA (dpa-AFX) - Pembina Pipeline Corp. (PBA,PPL.TO) said that the Alberta Securities Commission or ASC has dismissed Brookfield s application to terminate Pembina s proposed plan of arrangement with Inter Pipeline Ltd. (IPL.TO). The Commission has upheld the break fee that may be paid by IPL to Pembina under that arrangement in certain circumstances.
The ASC also determined that Brookfield s total return swaps in connection with Brookfield s hostile take-over bid to acquire all of the outstanding common shares of IPL requires additional disclosure.
The ASC raised the minimum tender condition for Brookfield s unsolicited bid to 55 percent from 50 percent of the shares tendered by shareholders other than Brookfield and persons acting jointly or in concert with it.
Brookfield Infrastructure Files Third Notice of Variation and Extension of the Terms of the apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.