Brookfield Includes All-Cash Option in Inter Pipeline Offer
(Reuters) — Brookfield Infrastructure Partners on Friday revised its buyout offer for Inter Pipeline Ltd to include an option for an all-cash consideration, instead of a mix of cash and stock.
Brookfield's revision comes as the investment firm tries to beat a rival bid from Pembina Pipeline Corp, which has been recommended by Inter's board.
Pembina has an all-stock bid of about C$8.3 billion ($6.71 billion), while Brookfield had offered C$8.48 billion with 74% cash.
On Friday, Brookfield said Inter shareholders may now elect to get C$19.50 in all cash per Inter share, or 0.225 of Brookfield's class A share, valued at C$19.99 per Inter share as of Thursday's close.
Brookfield also said it was prepared to raise its offer by up to C$0.901 per Inter share, to C$20.401 per Inter share, pending the outcome of its challenge before the Alberta securities regulator.
The company last week filed an application with the regulator to do away with Inter's C$350 million termination fee to Pembina, saying it would increase its takeover offer for Inter if the fee was reduced or eliminated.
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- US Poised to Become Net Exporter of Crude Oil in 2023
- EIG’s MidOcean Energy Acquires 20% Stake in Peru LNG, Including 254-Mile Pipeline
- Enbridge Sells $511 Million Stake in Westcoast Pipeline to Indigenous Alliance
Comments