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    PPL   CA7063271034

PEMBINA PIPELINE CORPORATION

(PPL)
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Brookfield includes all-cash option in Inter Pipeline offer

06/18/2021 | 07:36am EDT

(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.

($1 = 1.2363 Canadian dollars)

(Reporting by Arathy S Nair in Bengaluru; Editing by Devika Syamnath)


ę Reuters 2021
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Financials
Sales 2021 7 306 M 5 802 M 5 802 M
Net income 2021 1 280 M 1 016 M 1 016 M
Net Debt 2021 14 020 M 11 134 M 11 134 M
P/E ratio 2021 18,3x
Yield 2021 6,18%
Capitalization 22 568 M 17 996 M 17 922 M
EV / Sales 2021 5,01x
EV / Sales 2022 4,74x
Nbr of Employees 2 623
Free-Float 99,9%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 41,03 CAD
Average target price 41,92 CAD
Spread / Average Target 2,16%
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Managers and Directors
Michael H. Dilger President, CEO & Non-Independent Director
J. Scott Burrows Chief Financial Officer & Senior Vice President
Randall J. Findlay Chairman
Jaret Sprott Chief Operating Officer-Facilities & Senior VP
Leslie A. O'Donoghue Independent Director
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