PPL news release 07:11 AM EDT, 07/13/2021 (MT Newswires) -- Pembina Pipeline Corp. (PPL.TO) said Tuesday that the Alberta Securities Commission has dismissed Brookfield Infrastructure Partners L.P. (BIP-UN.TO)'s application to terminate Pembina's proposed merger with Inter Pipeline Ltd. (IPL.TO) and upheld the break fee that may be paid by IPL to Pembina.
The ASC also ruled that Brookfield's total return swaps related to Brookfield's hostile takeover bid for IPL requires additional disclosure and required that a higher minimum tender threshold must be satisfied in connection with the proposal.
Under its offer terms, Pembina would acquire all Inter Pipeline shares on the basis of 0.5 of a Pembina share in exchange for each Inter Pipeline share.
The boards of IPL and Pembina recommended their shareholders support the arrangement. The deal is expected to close in late third quarter or early fourth quarter.