Inter Pipeline confirms takeover offer on regulator request after stock halted - Global News

Inter Pipeline Ltd. confirmed Friday afternoon it received a “proposal” to purchase the company, in a statement issued at the behest of regulators a few hours after executives refused to discuss the matter on a conference call with analysts.Story continues belowAt 3 p.m. EDT, about an hour after its stock was halted from trading pending news, the Calgary-based midstream company issued a brief statement in response to a request from the Investment Industry Regulatory Organization of Canada, or IIROC, confirming the offer had been made, but giving no details about the date, price or the identity of the bidder.“While it is the company’s policy not to comment on market speculation or rumours, Inter Pipeline confirms that it received an unsolicited, non-binding, conditional and indicative proposal to purchase the company,” the statement said, “but it is not in negotiations with any third party, nor is there any agreement, understanding or arrangement with respect to any such transaction.”It added it won’t say any more about the matter unless it determines that disclosure is warranted or legally required.An article in the Globe and Mail on Thursday quoted unnamed sources as saying Inter had rejected a $30 per share cash offer from an unidentified bidder. The story was linked by analysts to a nine per cent Inter stock price surge to $23.64 on the Toronto Stock Exchange on Thursday.READ MORE: Oilsands pipeline firm Inter Pipeline posts record Q2 net income of $260MWatch below: Some Global News videos about Canada’s energy sector.3 major oil firms ask voters to support energy industry

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August 10, 2019 at 05:22AM