Incitec Pivot Ltd T.IPL

IPL asking price-24$

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From Scotiabank 

Takeaways from Offer Circular for Inter Pipeline. Brookfield filed its tender offer to purchase Inter Pipeline at $16.50/sh. The tender offer expires on June 7th, unless extended. We expect Inter Pipeline to file a directors' circular within 15 days, which could include additional details on Heartland's contracting and EBITDA outlook. The circular includes a number of interesting data points. Brookfield began accumulating common shares of Inter Pipeline in March 2020 and exposure to Inter Pipeline through total-return swaps in June 2020. There were conversations between the two parties in June 2020 and September 2020. A non-binding proposal for a transaction was first made in November in the $17.00-$17.50 range, with Brookfield open to a mutually acceptable go-shop arrangement. In mid-December Brookfield increased the indicative offer price to $18.25. In January, Inter Pipeline stated that the offer was too low and that for Inter Pipeline to move forward with discussions, a price would have to be $24/ sh or above. Given this, Brookfield decided to bring the offer directly to Inter Pipeline's