Inter Pipeline Initiates Comprehensive Strategic Review Proc Inter Pipeline Ltd. ("Inter Pipeline" or the "Company") (TSX: IPL) announced today that, following the recently announced unsolicited expression of interest for the Company, the Board of Directors (the "Board") has initiated a comprehensive review of strategic alternatives to maximize shareholder value (the "Strategic Review"). The Board has established a special committee ("Special Committee"), chaired by Margaret McKenzie and made up of its independent directors, to oversee the process. TD Securities has been retained by Inter Pipeline and J.P. Morgan has been retained by the Special Committee to assist in the Strategic Review.
Acting in the best interests of the Company and its shareholders, the Board, consistent with its fiduciary duties, will evaluate a broad range of options, including exploring a possible corporate transaction, while continuing to seek a partner for a material interest in the Heartland Petrochemical Complex.
The Company has not set a timetable for the conclusion of the Strategic Review nor has it made any decisions related to strategic alternatives at this time. There can be no assurance that the Strategic Review will result in any transaction or, if a transaction is undertaken, as to the terms or timing of such a transaction. Inter Pipeline will provide updates to this process as appropriate.
Supported by an investment grade credit rating and a focus on maintaining financial strength and flexibility, Inter Pipeline's world-scale energy infrastructure business has an attractive and diversified asset portfolio that generates long-term, predictable cash flows underpinned by high-quality counterparties and positions the Company for long-term shareholder value creation.
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
Contact Information
Investor Relations: Jeremy Roberge Vice President, Finance and Investor Relations Email: investorrelations@interpipeline.com Tel: 403-290-6015 or 1-866-716-7473
Media Relations:Breanne Oliver Director, Corporate Communications Email: mediarelations@interpipeline.com Tel: 587-475-1118