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Alberta Securities Commission Rules In Favor Of Pembina/Inter Pipeline In Brookfield Litigation

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.

Under the proposed Pembina Arrangement, Pembina would acquire all of the Inter Pipeline Shares on the basis of 0.5 of a Pembina common share in exchange for each Inter Pipeline Share.

Pembina and Inter Pipeline have urged their shareholders to reject the Brookfield bid and vote for the Pembina-Inter Pipeline deal.

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