Brookfield Infrastructure Partners LP has received 65.6% shares of Inter Pipeline Ltd. in its takeover bid for the Canada-based pipeline operator, it said on Aug. 20.
The move brings to an end a five-month bidding war for the Canadian firm, as the tendered shares exceed the minimum level of 55% of shares not already owned or controlled by Brookfield.
Brookfield said it will now own 68.9% shares of Inter Pipeline, which it intends to take private.
Inter Pipeline had recommended that its investors accept Brookfield’s revised CA$8.58 billion (US$6.69 billion) offer of cash or shares after walking away from a deal with rival Pembina Pipeline Corp.
The infrastructure fund and Pembina were bidding for Inter amid a rebound in oil prices and energy stocks from last year's pandemic downturn.
Brookfield's revised offer gives Inter Pipeline shareholders either cash of CA$20 a share or 0.25 of a Brookfield Infrastructure share.
Bloomberg news had first reported that Brookfield secured sufficient backing from Inter Pipeline shareholders to push ahead with the offer. (US$1 = 1.2821 Canadian dollars)
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