Tortoise Announces Termination of Proposed Merger of Tortoise Pipeline & Energy Fund, Inc. (TTP) and Tortoise Energy Independence Fund, Inc. (NDP)

Rhea-AI Summary

Tortoise Capital Advisors announced the termination of the merger between Tortoise Energy Independence Fund (NDP) and Tortoise Pipeline & Energy Fund (TTP) due to insufficient shareholder votes. CEO Brad Adams emphasized the merger aimed to enhance investment strategies aligned with global energy trends. Both funds will maintain their current investment strategies and explore future strategic options. The merger's failure reflects the challenges in securing shareholder consensus, but Tortoise remains committed to long-term shareholder value.

Positive

• Both funds will continue pursuing their current investment strategies.
• Tortoise is focused on long-term shareholder value.

Negative

• Insufficient votes from shareholders led to the failed merger.

LEAWOOD, KS / ACCESSWIRE / June 3, 2021 / Tortoise and the Board of Directors for its closed-end funds today announced the termination of the proposed merger of Tortoise Energy Independence Fund, Inc. (NDP) with and into Tortoise Pipeline & Energy Fund, Inc. (TTP).

"Tortoise and the Board viewed the merger of these two funds as an opportunity to expand the investment strategy to better capture and accelerate the opportunity around the global energy evolution," said Brad Adams, CEO of Tortoise's closed-end funds. "Despite our efforts to obtain votes from all shareholders, there were ultimately not enough votes from both TTP and NDP shareholders to approve the merger. We remain focused on long-term shareholder value and both funds will continue to pursue their current investment strategies while we review strategic options for each fund."

Tortoise Capital Advisors, L.L.C. is the adviser to the funds.

For additional information on these funds, please visit cef.tortoiseecofin.com.

About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Contact Information

For more information contact Maggie Zastrow at (913) 981-1020 or info@tortoiseecofin.com.

SOURCE: Tortoise

View source version on accesswire.com:
https://www.accesswire.com/650327/Tortoise-Announces-Termination-of-Proposed-Merger-of-Tortoise-Pipeline-Energy-Fund-Inc-TTP-and-Tortoise-Energy-Independence-Fund-Inc-NDP

FAQ

What was the reason for the termination of the NDP and TTP merger?

The merger was terminated due to insufficient shareholder votes from both TTP and NDP.

What do Tortoise Energy Independence Fund (NDP) and Tortoise Pipeline & Energy Fund (TTP) plan to do after the merger failure?

Both funds will continue to pursue their current investment strategies while exploring future strategic options.

Who is the CEO of Tortoise and what did he say about the merger?

Brad Adams is the CEO, and he stated the merger aimed to capture opportunities in the global energy evolution.

How does Tortoise plan to create long-term shareholder value?

Tortoise remains committed to strategies that enhance long-term shareholder value, despite the merger's failure.

What implications does the merger termination have for shareholders of NDP and TTP?

The merger termination suggests a delay in potential strategic synergies that could have benefited shareholders.