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BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

(BIP)
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Brookfield Infrastructure Partners L P : revises Inter Pipeline bid to include all-cash option

06/18/2021 | 11:39am EDT

TORONTOBrookfield Infrastructure Partners LP has revised its hostile takeover offer for Inter Pipeline Ltd. to give shareholders the option to receive their entire payment in cash, instead of a mix of cash and shares, if they desire.

The company also said Friday it is prepared to increase its bid if it is successful in challenging a $350-million break fee Inter Pipeline must pay if it calls off its friendly all-stock deal to be bought by Pembina Pipeline Corp.

Brookfield Infrastructure said it was eliminating a $5.56-billion cap on the amount of cash available under its proposal after what it says was feedback from institutional and event-driven investors.

"We believe an all-cash option provides superior value and flexibility," the company said in a statement.

Inter Pipeline's deal with Pembina would see shareholders receive half a Pembina share for each Inter Pipeline share they hold.

Brookfield Infrastructure has offered $19.50 in cash or 0.225 of a Brookfield Infrastructure class-A exchangeable share for each Inter Pipeline share.

It said it is prepared to increase the cash offering by up to 90 cents per share if it is successful in its challenge to reduce or eliminate the Pembina break fee.

Inter Pipeline has urged shareholders to reject the Brookfield Infrastructure offer and said the Pembina deal is strategic for both companies.

Pembina said Friday its offer is superior in value with greater upside for Inter Pipeline shareholders.

"The logic of the Pembina IPL combination is clear and we look forward to continuing our process to close the transaction," the company said in a statement.

The boards of Pembina and Inter Pipeline have unanimously approved their deal which also requires approval by a two-thirds majority vote by Inter Pipeline shareholders. A simple majority vote by Pembina shareholders is also needed.

Inter Pipeline shares were down 16 cents at $20.21 in trading on the Toronto Stock Exchange, while Pembina shares were down 23 cent sat $40.48. Brookfield Infrastructure class-A exchangeable shares were up 48 cents at $89.31.

This report by The Canadian Press was first published June 18, 2021.

Companies in this story: (TSX:IPL, TSX:PPL, TSX:BPIC, TSX:BIP. UN)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD INFRASTRUCTURE PARTNERS L.P. 0.60% 54.88 Delayed Quote.11.09%
INTER PIPELINE LTD. 0.30% 20.22 Delayed Quote.69.84%
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Financials (USD)
Sales 2021 5 718 M - -
Net income 2021 - - -
Net Debt 2021 13 623 M - -
P/E ratio 2021 -
Yield 2021 3,67%
Capitalization 16 219 M 16 219 M -
EV / Sales 2021 5,22x
EV / Sales 2022 5,62x
Nbr of Employees 6 000
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 54,88 $
Average target price 60,18 $
Spread / Average Target 9,66%
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Managers and Directors
Samuel J. B. Pollock Chief Executive Officer
David Krant Chief Financial Officer
Anne C. Schaumburg Chairman
Benjamin Michael Vaughan Chief Operating Officer
Brian Baker Co-Chief Investment Officer
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