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CHEMTRADE ANNOUNCES REVERSE BREAK FEE LAWSUIT DECISION
CHEMTRADE ANNOUNCES REVERSE BREAK FEE LAWSUIT DECISION Canada NewsWire TORO...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\n\n CHEMTRADE ANNOUNCES REVERSE BREAK FEE LAWSUIT DECISION\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Jan. 31, 2025\n \n\n /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) announced that the Court of Appeal of\n \n Alberta\n \n today released its decision in Superior Plus Corp. v. Chemtrade Electrochem Inc. The Court of Appeal ruled against Chemtrade.\n \n\n At trial, the Court of King's Bench of\n \n Alberta\n \n had ruled in favour of Chemtrade. The lawsuit involved the failed attempt by Superior to acquire Canexus Corporation, prior to Chemtrade's 2017 acquisition of Canexus. The trial court had ruled that pursuant to the Arrangement Agreement between Superior and Canexus, Superior had to pay Canexus (now Chemtrade Electrochem Inc.) a\n \n $25 million\n \n reverse termination fee because the transaction did not close due to a failure to obtain Canadian and U.S. competition and anti-trust regulatory approvals. Superior appealed this ruling and prevailed at the Court of Appeal. Since the initial decision was subject to appeal, Chemtrade did not record a gain on the successful outcome of the lawsuit and the Court of Appeal ruling will have no impact on Chemtrade's financial results. Chemtrade has 60 days from\n \n January 31, 2025\n \n to commence an application for leave to appeal to the Supreme Court of\n \n Canada\n \n .\n \n\n \"This ruling is extremely disappointing for us\", said\n \n Scott Rook\n \n , President and CEO of Chemtrade. \"We are consulting our legal counsel and are considering our options including commencing an application for leave to appeal and continuing our claims against Canexus's legal advisors on the transaction, and their insurers. We will continue to pursue all avenues of recovery available to us.\"\n \n\n\n About Chemtrade\n \n\n\n Chemtrade operates a diversified business providing industrial chemicals and services to customers in\n \n North America\n \n and around the world. Chemtrade is one of\n \n North America's\n \n largest suppliers of sulphuric acid, spent a...