Inter Pipeline Ltd. (IPL.TO) announced that its board is recommending acceptance of the revised takeover offer from an affiliate of Brookfield Infrastructure Partners L.P in light of the termination of the Pembina Arrangement.
As per the Revised Brookfield Offer, each Inter Pipeline shareholder will have the ability to elect to receive, per Inter Pipeline share, C$20.00 in cash or 0.25 of a Brookfield Infrastructure Corporation class A exchangeable subordinate voting share (BIPC Share), or, solely in the case of eligible Canadian Inter Pipeline shareholders seeking a rollover for tax purposes, 0.250 of an exchangeable security to be issued by an indirect subsidiary of Brookfield.
It reflects a significant improvement compared with Brookfield's June 2, 2021 offer of either C$19.50 in cash or 0.225 of a BIPC Share for each Inter Pipeline share, and especially compared with Brookfield's original offer announced February 10, 2021 of either C$16.50 in cash or 0.206 of a BIPC Share for each Inter Pipeline share.
As previously disclosed, on May 31, 2021, Inter Pipeline entered into an agreement for a combination with Pembina Pipeline Corporation, whereby Pembina agreed to exchange 0.5 of a Pembina common share for each issued and outstanding Inter Pipeline share.
Subsequent to the filing of the Revised Brookfield Offer, Inter Pipeline had advised Pembina that the Board would not be reconfirming its recommendation of the Pembina Arrangement, and Pembina terminated the Pembina Arrangement effective July 25, 2021.
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