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Inter Pipeline rejects Brookfield’s offer as too low, shares jump

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canadian oil and gas

By Rod Nickel and Shariq Khan

(Reuters) – Canada‘s Inter Pipeline Ltd on Thursday rejected an unsolicited offer from its largest shareholder Brookfield Infrastructure Partners, but its shares jumped as investors bet on an eventual deal.

Brookfield, which acquires and manages infrastructure assets, said on Wednesday it intended to offer C$16.50 per share, a 23% premium to the stock’s prior closing price, and said it was willing to raise it to as much as C$18.25 if the pipeline operator gave it access to due diligence.

Inter Pipeline stock jumped 31% in Toronto to C$17.50, while Brookfield shares dropped 3%.

The pandemic has hit Canadian oil and gas companies hard, crushing fuel demand, and leading to reduced crude production. Inter Pipeline’s assets include over 7,000 km (4,300 miles) of pipelines and 5 million barrels of oil storage in Western Canada, as well as natural gas liquids processing plants.

At the top price, Brookfield’s offer would value Calgary-based Inter at C$7.8 billion ($6.16 billion) and would be the biggest Canadian oil and gas deal since 2017, according to data provider Dealogic.

Inter said that was not sufficient for it to enter into exclusive talks with the infrastructure firm.

The pipeline operator said Brookfield has not made a formal offer and if it does, the company’s board will review it with advisors. Brookfield declined further comment.

Brookfield’s offer is low, but serious enough that Inter Pipeline should negotiate, said Rob Thummel, managing director of TortoiseEcofin, Inter Pipeline’s eighth-largest shareholder according to Refinitiv.

“I think they should absolutely look at it and consider it,” he said. A rival bid seems unlikely given that the energy sector is focused on repaying debt and buying back shares, not acquisitions, he said.

Even so, Keyera Corp, another Canadian energy infrastructure company, may now attract some interest, said Thummel, who manages shares in that company as well.

Its shares rose 1.8%. Keyera could not be reached.

Brookfield said it had first approached Inter in September with offers at premiums as high as 50% to the company’s trading price.

The talks fell through as Inter had a “more optimistic outlook of future growth” and attached to itself a value that was well over Brookfield’s assessment, Brookfield said.

Several analysts sided with Brookfield, saying accepting the offer would be the most likely outcome for Inter Pipeline.

Brokerage RBC said many shareholders would be unhappy if Inter says no, particularly after it refused another offer two years ago, which had valued it at C$12.4 billion.

Inter Pipeline’s shares had fallen nearly 38% over the last year prior to Brookfield publicly expressing interest.

Brookfield Infrastructure has engaged BMO Capital Markets and Barclays Capital Canada Inc as joint financial advisers. Inter said it is working with TD Securities as its financial adviser.

($1 = 1.2658 Canadian dollars)

 

(Reporting by Rod Nickel in Winnipeg, Maiya Keidan in Toronto, Shariq Khan and Arundhati Sarkar in Bengaluru; Editing by Arun Koyyur, Bernadette Baum and David Evans)

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Opinions on what Tagovailoa should do next vary after his 3rd concussion since joining Dolphins

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MIAMI GARDENS, Fla. (AP) — Nick Saban has a message for Tua Tagovailoa: Listen to experts, then decide what happens next.

Antonio Pierce had another message: It’s time to retire.

Saban, Pierce and countless others within the game were speaking out Friday about Tagovailoa, the Miami Dolphins quarterback who is now dealing with the third confirmed concussion of his NFL career — all coming within the last 24 months. He was hurt in the third quarter of the Dolphins’ 31-10 loss to the Buffalo Bills on Thursday night, leaving the game after a scary and all-too-familiar on-field scene.

“This has to be a medical decision,” Saban said on ESPN, where the now-retired coach works as an analyst. “I mean, you have to let medical people who understand the circumstances around these injuries, these concussions — and when you have multiple concussions, that’s not a good sign.

“I think Tua and his family and everyone else should listen to all the medical evidence to make sure you’re not compromising your future health-wise by continuing to play football.”

That process — gathering the medical facts — was getting underway in earnest on Friday, when Tagovailoa was set to be further evaluated at the team’s facility. He was diagnosed with a concussion within minutes of sustaining the injury on Thursday and there is no timetable for his return.

“I’ll be honest: I’d just tell him to retire,” Pierce, the coach of the Las Vegas Raiders, said Friday. “It’s not worth it. It’s not worth it to play the game. I haven’t witnessed anything like I’ve seen that’s happened to him three times. Scary. You could see right away, the players’ faces on the field, you could see the sense of urgency from everybody to get Tua help. He’s going to live longer than he’s going to play football. Take care of your family.”

Concern — and opinions — have poured in from all across the football world ever since Tagovailoa got hurt. It is not a surprising topic — the questions of “should he? or shouldn’t he?” continue to play — nor is this the first time they have been asked. Tagovailoa himself said in April 2023 that he and his family weighed their options after he was diagnosed twice with concussions in the 2022 season.

But Dolphins coach Mike McDaniel said it’s not his place, nor is it the time, to have discussions about whether Tagovailoa should play again.

“Those types of conversations, when you’re talking about somebody’s career, it probably is only fair that their career should be decided by them,” McDaniel said.

The Dolphins said Friday that they will bring in another quarterback, and for now are entrusting the starting job to Skylar Thompson. McDaniel said the team will not rush to any other judgments, that the only opinions that truly matter right now come from two sides — Tagovailoa and his family, and the medical experts who will monitor his recovery.

“The thing about it is everybody wants to play, and they love this game so much, and they give so much to it that when things like this happen, reality kind of hits a little bit,” Jacksonville coach Doug Pedersen said Friday. “It just shows the human nature, or the human side of our sport.”

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AP Sports Writer Mark Long in Jacksonville, Florida, contributed to this report.

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Canada’s Sarah Mitton captures shot put gold at Diamond League in Brussels

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BRUSSELS – Canadian shot putter Sarah Mitton rebounded from a disappointing performance at the Paris Olympics by capturing Diamond League gold on Friday.

Mitton, of Brooklyn, N.S., won the competition, the final Diamond League event of the season, with a heave of 20.25 metres on her third throw.

Chase Jackson of the U.S. placed second with a throw of 19.90, while German’s Yemisi Ogunleye, the Olympic gold medallist, claimed bronze with a toss of 19.72.

Mitton, the runner-up of last year’s world championship, failed to qualify for the top eight in Paris.

Edmonton runner Marco Arop, who won silver for Canada in the men’s 800 metres at the Paris Games, was scheduled to race in the 800 on Saturday.

Olympic bronze-medallist Alysha Newman, of London, Ont., also competes Saturday in the women’s pole vault.

This report by The Canadian Press was first published Sept. 13, 2024.

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Michigan’s Greg Harden, who advised Tom Brady, Michael Phelps and more, dies at 75

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ANN ARBOR, Mich. (AP) — Greg Harden, who counseled countless people at the University of Michigan from Tom Brady to Michael Phelps, and Desmond Howard to J.J. McCarthy, has died. He was 75.

Michigan athletics spokesman Dave Ablauf said the family informed the athletic department that Harden died Thursday due to complications from surgery.

The late Bo Schembechler, a College Football Hall of Fame coach, hired Harden in 1986 as a staff consultant and student-athlete personal development program counselor.

“He meant the world to me and I could never have had the success I had without the time, energy, love and support he had given me,” said Brady, a former Michigan quarterback who went on to win seven Super Bowls in a 22-year career.

Howard, who won the Hesiman Trophy in 1991, was part of the first wave of Wolverines to count Harden as a confidant, mentor and friend.

“Greg brought wisdom, joy and his calming nature to every encounter,” Howard said. “His presence will be missed by all of us.

“Although my family and I are heartbroken, we hold on to the lessons, guidance and memories that will forever be Greg’s legacy. We are blessed beyond measure to have had him in our lives.”

Harden, who was from Detroit, earned undergraduate and master’s degrees at Michigan.

Phelps lived and trained in Ann Arbor, Michigan, after emerging as swimming star at the 2004 Athens Olympics, and worked on his mental health with Harden.

Harden retired from his role as director of counseling for Michigan’s athletic department in 2020. He still continued to work, advising student-athletes at Michigan along with the Toronto Maple Leafs as the NHL team’s peak performance coach.

He published his first book, “Stay Sane in an Insane World: How to Control the Controllables and Thrive,” last year.

Michigan athletics announced Harden’s death, and shared statements from some of the many people who knew him.

McCarthy, a Minnesota Vikings rookie quarterback, sent the school his thoughts in the form of a letter to Harden.

“You gave me the courage and belief as we fought hand and hand against the demons that I’ve spent my entire life fighting,” McCarthy wrote. “You have inspired me by your ability to unconditionally love everyone and everything.”

While many famous football players worked with Harden, he also was a trusted adviser for women and men in all sports and walks of life, including broadcaster Michelle McMahon, who played volleyball at Michigan.

“He poured his heart into thousands of students, athletes, and celebrities alike without any expectation of gaining anything in return,” McMahon said. “He dedicated his entire life to making a difference and investing in the growth of the young impressionable minds that were lucky enough to meet him.

“His captivating presence and charisma captured the rooms he walked in. Greg’s gift to the world was his unwavering ability to help people see themselves fully, in full acceptance of their flaws and their gifts. His relentless approach made it impossible for his mentees to give up on themselves.”

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Follow Larry Lage at https://twitter.com/larrylage

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