Benzinga | Jul 15, 2021 06:56AM EDT

Brookfield Infrastructure Intends To File A Revised Offer To Purchase Inter Pipeline Ltd. For $21.23/Share In Cash And Share Transaction Valued At C$16B

* Increased Offer provides superior value to Inter Pipeline Ltd. ("IPL") shareholders, representing a premium of C$1.53 or 8%, on a prorated basis, versus the proposed transaction (the "Alternative Transaction") with Pembina Pipeline Corporation ("Pembina").

* Shareholders may elect up to 100% cash consideration totalling C$20.00 per share of IPL without being subject to proration or 0.250 of a class A exchangeable subordinated voting share of Brookfield Infrastructure Corporation ("BIPC") (a "BIPC Share"), subject to proration, valued at C$23.85 per IPL share as of market close on July 14.

* Revised Offer continues to provide IPL shareholders a clean exit and value certainty through 100% cash consideration, compared to zero cash consideration in the Alternative Transaction.

* The option to receive BIPC shares provides IPL shareholders access to a globally diversified, best in class infrastructure portfolio that has generated superior shareholder returns.

* Revised Offer has received all key regulatory approvals and offers speed and certainty of closing.

* Brookfield Infrastructure, as IPL's largest shareholder with 9.75% ownership, reiterates its intention to vote against the Alternative Transaction.

* Take Action Tender to Brookfield's Offer and Vote AGAINST the Alternative Transaction.

BROOKFIELD, NEWS, July 15, 2021 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. (NYSE:BIP, TSX:BIP), together with its institutional partners (collectively, "Brookfield Infrastructure", "we" or "our"), is pleased to announce its intention to further revise its offer to acquire all of the outstanding common shares of Inter Pipeline Ltd. (TSX:IPL) ("IPL" or the "Company") commenced February 22, 2021, as varied on June 4, 2021, June 21, 2021 and July 13, 2021 (the "Offer") to increase the consideration under the Offer to, at the election of IPL shareholders, either (i) $20.00 in cash or (ii) 0.25 of a BIPC Share for each IPL share, subject to proration in the case of the BIPC Shares. We intend to file the fourth notice of variation and change (the "Fourth Notice of Variation") no later than July 19, 2021.