Teranet Income Fund and Teranet Holdings Limited Partnership
This class proceeding relates to a take-over of Teranet Income Fund and Teranet Holdings Limited Partnership in the Fall of 2008. The plaintiff alleges the acquiring companies, Borealis Infrastructure Management Inc. and Borealis Acquisition Corporation [now Teranet Inc.], wrongly reduced the offer price from $11.00 to $10.25 per unit during the course of the take-over bid. The plaintiff alleges the price reduction constituted a breach of contract for those who had already tendered their units and, for all unitholders, a violation of the take-over bid provisions in securities legislation. The plaintiff seeks on behalf of the class damages equivalent $0.75 per unit or approximately $120 million based on the total number of units involved.
The proposed class is generally comprised of anyone who held units of Teranet Income or Teranet Holdings and which were taken up pursuant to the Borealis take-over bid in the Fall of 2008.
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Koskie Minsky LLP and Groia & Company represent the plaintiff in this action.