Business
SECURE ENERGY TO APPEAL COMPETITION TRIBUNAL DECISION ON ITS MERGER WITH TERVITA
SECURE ENERGY TO APPEAL COMPETITION TRIBUNAL DECISION ON ITS MERGER WITH TERVITA Canada...
About this update from Secure Waste Infrastructure Corp.
[{"type":"text","content":"\n \n \n \n SECURE ENERGY TO APPEAL COMPETITION TRIBUNAL DECISION ON ITS MERGER WITH TERVITA\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 The Competition Tribunal has released a summary of its decision ordering the divestiture of 29 of the 103 facilities acquired in connection with SECURE's merger with Tervita\n \n \n \n \n \n SECURE plans to appeal the decision and seek a stay pending that appeal\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 4, 2023\n \n \n /CNW/ - SECURE ENERGY Services Inc. (\"SECURE\" or the \"Corporation\") (TSX: SES) announced today that the Competition Tribunal (the \"Tribunal\") issued its decision in connection with SECURE's merger with Tervita Corporation (\"Tervita\"). While the Tribunal agreed with SECURE that not all of the 41 facilities the Commissioner was seeking to have SECURE dispose of should be sold, it issued an order requiring SECURE to divest of 17 treatment, recovery and disposal facilities, 6 landfills, 4 water disposal wells and 2 disposal caverns all formerly owned by Tervita (the \"Facilities\").  This represented 29 of the 103 facilities acquired in connection with SECURE's merger with Tervita Corporation.\n \n \n SECURE will file a notice of appeal together with a motion for a stay of the Tribunal's order within 30 days.\n \n \n The merger with Tervita was completed on\n \n July 2, 2021\n \n pursuant to an arrangement agreement announced on\n \n March 9, 2021\n \n under which SECURE acquired all of the issued and outstanding common shares of Tervita, following which Tervita amalgamated with SECURE.\n \n \n The Tribunal's order to divest of the Facilities, if not overturned or modified on appeal, could have a material impact on the business, financial condition or results of operations of the Corporation. SECURE would expect to receive sale proceeds relating to such divestitures which could mitigate, in whole or in part, any such impact.\n \n \n \n Rene Amirault\n \n Chief Executive Officer of SECURE, stated: \"We thank the Tribunal members for their ...