Pembina Pipeline Corporation Receives Clearance From The Competition Bureau To Proceed With Proposed Acquisition Of Provident En

abarrelfullabarrelfull wrote on 15 Mar 2012 15:15
Tags: canada deals pembina pipeline

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embina Pipeline Corporation ("Pembina") and Provident Energy Ltd. ("Provident") announced today that they have received clearance from the Competition Bureau of Canada to proceed with Pembina's proposed acquisition of Provident by way of its previously announced plan of arrangement (the "Arrangement"). The parties previously received clearance to proceed with the Arrangement pursuant to the Canada Transportation Act. The receipt of these clearances satisfies two of the closing conditions of the Arrangement between Pembina and Provident.

The remaining conditions to complete the Arrangement are the approval of the Arrangement by at least 66 2/3 percent of holders of Provident shares represented in person or by proxy at the special meeting of Provident shareholders, the approval of the issuance of Pembina shares to Provident shareholders under the Arrangement by a simple majority of the votes cast by the holders of Pembina shares represented in person or by proxy at the special meeting of Pembina shareholders, approval by the Court of Queen's Bench of Alberta, the receipt of all necessary regulatory approvals, and the satisfaction of certain other closing conditions customary in transactions of this nature. It is expected that the Arrangement will be completed on or about April 2, 2012.

The special meetings of Provident and Pembina shareholders will be held on March 27, 2012 in the Metropolitan Ballroom located at the Metropolitan Conference Centre, 333 - 4th Avenue S.W., Calgary, Alberta, Canada. The special meeting of Provident shareholders will commence at 9:00 a.m. (MDT) and the special meeting of Pembina shareholders will commence at 10:30 a.m. (MDT). All shareholders are encouraged to vote in person or by proxy.

Pembina and Provident have retained Georgeson Shareholder Communications Canada Inc. ("Georgeson") to act as proxy solicitation agent and to respond to inquiries from shareholders.

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