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Alberta

TC Energy refuses to raise bid for TC PipeLines despite unitholder criticism

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CALGARY — TC Energy Corp. says it has no intention of again sweetening its bid to buy out the other unitholders of TC PipeLines LP, a U.S. master limited partnership it operates, despite the vow of its largest non-affiliated investor to vote against the transaction.

On Friday, Connecticut-based Energy Income Partners said it believes the offer of 0.7 common shares of TC Energy for each unit of TC PipeLines is inadequate and “significantly undervalues” its assets and growth potential. 

The dissident unitholder says it owns more than 10 per cent of the partnership and has maintained a position in the company for nearly 15 years. TC Energy owns about 24 per cent of the units.

In its response, TC Energy says the exchange ratio represents a 20.8 per cent premium to the partnership’s closing price before the original offer as of Oct. 2.

The board of directors of the partnership’s general partner agreed to support the deal in December after TC Energy raised the ratio to 0.7 of a TC Energy share from the original 0.65 of a share, thus valuing TC PipeLines at US$1.68 billion.

A special meeting of unitholders to vote on the merger is set for Friday.

“We affirm the exchange ratio and we are confident that the meaningful transaction premium presents the best opportunity for (TC PipeLine’s) unitholders to maximize value,” said TC Energy CEO Francois Poirier in a statement Monday.

“TC Energy will not increase the exchange ratio or vary any of the terms of the merger. If the merger is not completed, the partnership will remain a publicly traded limited partnership.”

This report by The Canadian Press was first published Feb. 22, 2021.

Companies in this story: (TSX:TRP)

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Alberta

Alberta’s Walker into Hearts semifinal with 9-8 win over Manitoba’s Jones

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CALGARY — Alberta’s Laura Walker advanced to the semifinal of the Canadian women’s curling championship with a 9-8 win over Manitoba’s Jennifer Jones in Sunday’s tiebreaker game.

Walker faces defending champion Kerri Einarson in an afternoon semifinal with the winner taking on Ontario’s Rachel Homan for the championship at night.

Jones missed an attempted double takeout in the 10th end, which left Walker an open draw to score three for the win in the tiebreaker.

Manitoba and Alberta were tied for third at 9-3 after the championship round, which required a tiebreaker game to solve.

Jones, a six-time champion at the Scotties Tournament of Hearts, was chasing a record seventh title.

This report by The Canadian Press was first published Feb. 28, 2021.

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Alberta

Let ‘er buck: Study suggests horses learn from rodeo experience, grow calmer

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CALGARY — Rodeo fans love the thrill of a bronc exploding into the ring, cowboy temporarily aboard. How the horse feels about it hasn’t been so clear.

Newly published research out of the University of Calgary looks at three years of roughstock events from that city’s Stampede in an attempt to peer inside the mind of an animal about to let ‘er buck.

“I try to understand the animal’s perspective,” said Ed Pajor, a professor of veterinary medicine. “We asked the question whether or not horses find participating in the rodeo to be an adversive experience or not.”

Pajor and his co-authors — Christy Goldhawk from the University of Calgary and well-known animal behaviourist Temple Grandin — studied 116 horses in bareback, novice bareback, saddle bronc and novice saddle bronc events. They looked at animals about to be loaded into a trailer and taken to the ring. They also observed how the horses behaved while in the chute waiting to be unleashed.

Horses have all kinds of ways of showing they’re unhappy, Pajor said. They might move back and forth, chew their lips, swish their tail, defecate, roll their eyes, paw the ground, toss their head, or rear up in protest.

The researchers found that the more people were around them, the more likely the horses were to show unease. That’s probably because they spend most of their time in fields and pastures and aren’t used to the bustle, Pajor said.

The other factor that affected behaviour was experience. If it wasn’t their first rodeo, the horses were much less likely to act up.

“We didn’t see a lot of attempts to escape. We didn’t see a lot of fear-related behaviours at all,” Pajor said. “The animals were pretty calm.

“The animals that had little experience were much more reactive than the animals that had lots of experience.”

There could be different reasons for that, he suggested.

“We don’t know if that’s because they’re used to the situation or whether that’s because of learned helplessness — they realize there’s nothing they can do and just give up.”

Pajor suspects the former.

“When the cowboys came near the horses, they would certainly react and you wouldn’t really see that if it was learned helplessness.”

The researchers also noted that the horses’ bucking performance, as revealed in the score from the rodeo judges, didn’t seem to be reduced by repeated appearances as it might be if the animals had become apathetic.

That doesn’t necessarily mean the horses are having a good time, said Pajor, who’s also on the Stampede’s animal welfare advisory board. There are a couple of ways of interpreting active behaviour in the chute, he said.

“An animal might be getting excited to perform. Or an animal might be having a fear response.”

“Understanding if animals like to do something is a tricky thing to do.”

Pajor knows there are different camps when it comes to rodeos and animals.

“People have very strong opinions on the use of animals for all kinds of reasons. I think no matter what we’re going to use animals for, we really need to make sure that we treat them humanely.

“My job is to do the research to understand the animals’ perspective.”

This report by The Canadian Press was first published Feb. 28, 2021.

— By Bob Weber in Edmonton. Follow @row1960 on Twitter

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