Benzinga | Jun 3, 2021 04:22PM EDT

Tortoise Announces Termination of Proposed Merger of Tortoise Pipeline & Energy Fund, Inc. And Tortoise Energy Independence Fund, Inc.

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.