BRookfield - Response to the ASC Decision 07:45 AM EDT, 07/13/2021 (MT Newswires) -- Brookfield Infrastructure Partners L.P. (BIP-UN.TO) said Tuesday that it has filed a third notice of variation and extension regarding its offer to acquire Inter Pipeline Ltd. (IPL.TO).
Under Brookfield's offer, each IPL shareholder can elect to receive, per IPL share, $19.50 in cash or 0.225 of a class A exchangeable share of Brookfield Infrastructure Corp. (BIPC.TO).
The offer is open for acceptance until Aug. 6 and is conditional on a special resolution of IPL shareholders considering the proposed merger with Pembina not being approved by the requisite majority at a July 29 special meeting.
Brookfield noted that the Alberta Securities Commission decided that the statutory minimum tender condition of the offer be increased from a simple majority to 55% and that the offer is required to include certain additional public disclosures related to Brookfield's total return swaps.
Brookfield said it disagrees with aspects of the decision. Notwithstanding that there has been no reduction in the break fee, Brookfield said it is considering further enhancements to the offer.