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Brookfield Infrastructure raises hostile takeover offer for Inter Pipeline - Business News
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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.
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.
Brookfield Faces New Hurdle to Hostile Inter Pipeline Bid
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