Shares in Inter Pipeline Ltd surged nearly 10 per cent after The Globe and Mail reported the company had received a takeover bid from a unnamed suitor that could be worth $12.4-billion.
Inter, which is developing a $3.5-billion petrochemical plant near Edmonton, jumped $2.07 to $23.81 on the Toronto Stock Exchange, following The Globe’s report, published early Thursday.
Sources with knowledge of the situation said Inter’s board had turned down a cash offer worth $30 a share from a “credible” bidder. It was not immediately known if there were onerous conditions attached. A company spokeswoman declined to comment on the approach, or on a report published in July by the infrastructure news outlet Inframation that said Inter had hired Morgan Stanley to seek buyers for its European bulk fuel storage business.
Inter is scheduled to report its second-quarter results on Thursday, and has scheduled a conference call for Friday.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.