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Regulator says Brookfield used abusive tactics in hostile bid for Inter Pipeline

Regulator says Brookfield used abusive tactics in hostile bid for Inter Pipeline by The Canadian Press Last Updated Jul 12, 2021 at 7:41 pm EDT 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.

Regulator says Brookfield used abusive tactics in hostile bid for Inter Pipeline - Medicine Hat NewsMedicine Hat News

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.

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