Brookfield adds all-cash option to Inter Pipeline takeover offer

Three Pipeline Reflecting Blue Sky
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  • Brookfield Infrastructure Partners (NYSE:BIP) revises its takeover offer for Inter Pipeline (OTCPK:IPPLF), giving shareholders the option to receive as much as 100% of its current offer of C$19.50/share in cash, rather than a mix of cash and stock.
  • Brookfield also is extending the expiration time of the offer until July 13, and says it is prepared to raise its offer to as much as C$20.401/share, pending the outcome of its challenge before the Alberta Securities Commission.
  • Last week, Brookfield filed with the regulator to eliminate Inter Pipeline's C$350M termination fee to Pembina Pipeline (NYSE:PBA), saying it would raise its takeover offer for Inter if the fee was reduced or ended.
  • Brookfield is trying to beat a rival bid from Pembina, whose all-stock offer of ~C$19.45/share has been recommended by Inter.

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