Chemtrade Logistics Income Fund, Toronto, on Dec. 22 announced that Madame Justice Price of the Court of King’s Bench of Alberta ruled in favor of Chemtrade in its lawsuit against Superior Plus Corporation (Superior) (Chemtrade Electrochem Inc. v. Superior Plus Corp., filed July 5, 2016).
The lawsuit involved the failed attempt by Superior to acquire Canexus, prior to Chemtrade’s 2017 acquisition of Canexus (GM March 17, 2017; Dec. 23, 2016). The Arrangement Agreement between Superior and Canexus contained a clause requiring Superior to pay $25 million if the acquisition did not close due to a failure to obtain Canadian and US competition and antitrust regulatory approvals. The Court’s ruling is subject to appeal for a period of 30 days. Superior said it is reviewing the decision and considering whether to appeal.