CALGARY, AB – Inter Pipeline Ltd. (“Inter Pipeline” or the “Company”) (TSX: IPL) today reiterated its recommendation that shareholders reject a hostile takeover bid at a value of $16.50 per share (the “Hostile Bid”) from an affiliate of Brookfield Infrastructure Partners L.P. (“Brookfield”).
Inter Pipeline’s board of directors (the “Board”) has unanimously determined that the Hostile Bid is not in the best interests of the Company or its shareholders. As disclosed separately today, the Board is recommending that shareholders support a strategic combination with Pembina Pipeline Corporation (“Pembina”). Inter Pipeline shareholders will receive 0.5 of a share of Pembina for each share of Inter Pipeline that they own. The consideration is valued at $19.45 per share of Inter Pipeline based on the closing price of Pembina common shares on May 31, 2021 (the “Pembina Transaction”).
To reject the Hostile Bid, simply take NO ACTION. Shareholders who have tendered Inter Pipeline Common Shares in error and wish to withdraw can seek assistance from their broker or Kingsdale Advisors at 1-877-659-1820 (416-867-2272 for collect calls outside North America) or by e-mail at email@example.com.
The unanimous recommendation to support the Pembina Transaction and reject the Hostile Bid follows an open, fair and thorough strategic review process that was led by a Special Committee of independent directors, together with its financial and legal advisors. The Board is confident that the Pembina Transaction maximizes value for shareholders.