Advises shareholders to take no action
CALGARY, AB – Inter Pipeline Ltd. (“Inter Pipeline” or the “Company”) (TSX: IPL) is responding to the news release by Brookfield Infrastructure Partners L.P. (“Brookfield”) regarding Brookfield’s intention to make an unsolicited offer to acquire all of the outstanding common shares of the Company not already owned by Brookfield.
The Company confirms that it previously received unsolicited, non-binding and conditional proposals from Brookfield in the range of $17.00 to $18.25 per share (the “Conditional Proposals”). Upon receipt of the Conditional Proposals, consistent with its fiduciary duty to act in the best interests of all shareholders, the Company’s Board of Directors (the “Board”) engaged legal and financial advisors to assist the Company in assessing the Conditional Proposals. In response, based on a comprehensive assessment of the Conditional Proposals, the Board informed Brookfield that they did not reflect the intrinsic value of the Company and were not sufficiently pre-emptive to grant Brookfield exclusivity.
The Board reminds shareholders that no formal offer has been made by Brookfield, and as such there is no need for shareholders to take any action at this time. When a formal offer is made, it will be reviewed by the Board with its legal and financial advisors, and a formal recommendation by the Board will be made to shareholders in due course.
Inter Pipeline has engaged TD Securities as its financial advisor and Burnet, Duckworth & Palmer LLP and Dentons Canada LLP are acting as legal advisors to Inter Pipeline and its Board of Directors. Kingsdale Advisors is engaged as strategic shareholder and communications advisor to the Company.
About Inter Pipeline Ltd.
Inter Pipeline is a major petroleum transportation and natural gas liquids processing business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and is building the Heartland Petrochemical Complex — Canada’s first integrated propane dehydrogenation and polypropylene facility. Inter Pipeline is a member of the S&P/TSX 60 Index and its common shares trade on the Toronto Stock Exchange under the symbol IPL. www.interpipeline.com