Well, Pembina Pipelines closed at 39.90 today and traded slightly higher, so it has now surpassed its previous high of 39.60 from pre IPL bid period. It would appear the street is betting PPL will win over BIP, and BIP filing to have the 350 million break fee set aside is just more delay tactics and theatrics. The large Banks are contacting holders of IPL to see what they want to do about the BIP offer but interestingly they are not asking the same question about the Pembina offer. I can't imagine anyone taking BIP up on a 19.50 offer when the Pembina offer is at 19.80 and the market on IPL is at 20 and the market price today is 20.25.
Just as an aside, any of you that bought Ensign between 40 cents and a buck should be very happy, it is trading over 1.90 today.
|