Brookfield Infrastructure Partners on June 18 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 CA$8.3 billion (US$6.71 billion), while Brookfield had offered CA$8.48 billion with 74% cash.
On June 18, Brookfield said Inter shareholders may now elect to get CA$19.50 in all cash per Inter share, or 0.225 of Brookfield's class A share, valued at CA$19.99 per Inter share as of close on June 17.
Brookfield also said it was prepared to raise its offer by up to CA$0.901 per Inter share, to CA$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 CA$350 million termination fee to Pembina, saying it would increase its takeover offer for Inter if the fee was reduced or eliminated. (US$1 = 1.2363 Canadian dollars)
Recommended Reading
ADNOC Drilling, SLB and Patterson-UTI Form JV Turnwell Industries in UAE
2024-10-01 - Their joint venture Turnwell Industries LLC has been contracted to drill an initial 144 wells in the United Arab Emirates, scheduled for completion by the end of 2025.
Equinor to Acquire Sval Energi’s Stake in the Halten East Project
2024-11-07 - Equinor now holds 69.5% ownership in the development, which consists of six gas discoveries and three prospects.
Noble Closes $1.6B Diamond Acquisition
2024-09-05 - Noble Corp.’s cash-and-stock deal to acquire Diamond Offshore Drilling comes as service companies continue to consolidate in an aftershock of widespread upstream M&A.
SCF Partners Acquires Newpark Fluid Systems
2024-09-16 - SCF Partners acquired Newpark Fluid Systems, an oil and gas and geothermal fluids solution business, from Newpark Resources, for a base price of $127.5 million.
Proppant Suppliers Covia, Black Mountain Merge to Become Iron Oak Energy Solutions
2024-11-04 - Iron Oak Energy Solutions will supply proppant to E&P operations in basins across North America.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.