OTCPK:ICPVF - Post by User
Comment by
Oldfart74on Aug 12, 2021 9:12pm
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Post# 33698895
RE:RE:RE:RE:RE:RE:No guarantees??
RE:RE:RE:RE:RE:RE:No guarantees??bttmfischer wrote: Having re-read the fourth version of the Brookfield/Bison offer to purchase Inter Pipeline,
I did not see any reference to removing the condition that the maximum of 31 million Brookfield
shares will be available for pro-rating for IPL shares.
That pretty well eliminates an IPL share for 1/4 Brookfield stock, and makes pro-rating a necessity.
The only potential improvement to the exchange I notice is: "up to an additional 5 million Exchangeable LP Units made available... for issuance".
Now, since the Bank of Montreal held 42.5 million IPL shares at the time of the ASC hearing, a lot will depend on what BMO will do with those stocks, I think.
The Bank of Montreal shares are subject to swap agreements with Brookfield. The Takeover Bid is not for those BMO shares since there are already under the control of Brookfield. Brookfield must receive acceptances from 55% of the outanding shares (not including the approximate 20% already under Brookfield control).