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BAM is just one part of the Brookfield web BIP is about $20B.

Also it doesn't matter "who's bigger". They should pay a fair price for the asset.
... $19.50 is fair, and then $20.50 is fair ... give me a break with the alcheapo, buying "low" as "below".

Brookfield is a messy web of accounting, but there is little to no doubt they know how to allocate capital.
... love the euphemism for creative accounting.
 

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... $19.50 is fair, and then $20.50 is fair ... give me a break with the alcheapo, buying "low" as "below".

... love the euphemism for creative accounting.
First half of 2020 IPL was trading at <$15. I'd say a 30% premium is typically considered "fair".
Yeah 19.50 is fair, so is 20.50 I don't get your point.


The organization of the Brookfields is a mess, have you ever looked at it?
They're taking one property division into BAM, but spinning off another as a private REIT.

It's a very confusing ownership structure, particularly when you consider PVF.

It literally is a confusing web, I never said it was "creative accounting".
 

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First half of 2020 IPL was trading at <$15. I'd say a 30% premium is typically considered "fair".
Yeah 19.50 is fair, so is 20.50 I don't get your point.
... of course, it's fair ... why don't you pick it since inception when it was less than $15 ... I can see it as $7.30 since 2003 so BAM/BIP is paying waaaay more than a premium for this company which has survives this long. More than "fair"!
My point being with their continuous nickel & diming offers, they're just C.H.E.A.P. (alternatively viewed as "predatory") or your version of "it's fair".

The organization of the Brookfields is a mess, have you ever looked at it?
They're taking one property division into BAM, but spinning off another as a private REIT.

It's a very confusing ownership structure, particularly when you consider PVF.

It literally is a confusing web, I never said it was "creative accounting".
... no kidding about the "web" like structure. Look at the spin-offs they have done over the years. No need to dig into/look into Brookfields as I'm not interested in it, a bully.

Re -repeat your comment from post #783:
Brookfield is a messy web of accounting, but there is little to no doubt they know how to allocate capital.
... so what was that you meant by a messy web of accounting + allocation of capital if that's not creative accounting? Fancy accounting?
 

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... of course, it's fair ... why don't you pick it since inception when it was less than $15 ... I can see it as $7.30 since 2003 so BAM/BIP is paying waaaay more than a premium for this company which has survives this long. More than "fair"!
My point being with their continuous nickel & diming offers, they're just C.H.E.A.P. (alternatively viewed as "predatory") or your version of "it's fair".
I think it's fair when someone offers a price significantly above the current market price.

Re -repeat your comment from post #783:
... so what was that you meant by a messy web of accounting + allocation of capital if that's not creative accounting? Fancy accounting?
"Creative accounting" is a term that suggests accounting reporting that is technically legal, but violates the intent of accounting principals.
I am not suggesting there is any such activity, just that the arrangements, cross ownership etc are confusing. Not wrong, improper or anything of the sort, simply a bit complex and confusing to most people.

FWIW I also find ATCO and CU accounting somewhat confusing.

Complicated and/or confusing is not the same as misleading or nefarious.
 

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Pembina and IPL are making a full court press in soliciting votes before upcoming shareholder meetings. They are promoting their late June joint presentation and soliciting Yes votes on my FB feed!

I am unsure how to vote my PPL shares While I like some of the obvious things a PPL/IPL combo would bring to the table, I am concerned PPL has been growing (acquiring) too fast and whether some of this stuff is truly accretive. The joint presentation says little about the IPL debt burden they are picking up other than their financial metrics won't be damaged much, i.e. they stay within their own stated parameters.
 

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"Creative accounting" is a term that suggests accounting reporting that is technically legal, but violates the intent of accounting principals.
I am not suggesting there is any such activity, just that the arrangements, cross ownership etc are confusing. Not wrong, improper or anything of the sort, simply a bit complex and confusing to most people.

FWIW I also find ATCO and CU accounting somewhat confusing.

Complicated and/or confusing is not the same as misleading or nefarious.
I agree there is nothing nefarious about these structures. One way to leverage beyond one's weight is to have publicly traded, but majority owned, subsidiaries where OPM (subsidiary shareholders) fund, via common equity rather than debt) one's expansion plans. Enbridge did that for quite some time before the value proposition of minority shareholders in subs no longer was advantageous (share prices stalled) and institutions didn't like subsidiary share structures. They consolidated back into Enbridge itself.

Atco will continue with their CU subsidiary until the value proposition of OPM no longer makes sense, at which time, they will buy out CU shareholders with a share swap and maybe some cash to entice the deal.

Brookfield is doing no differently other than it is even more complicated. It is one reason why, as a buy and hold investor, I will own the mother ship rather than the subs. The mother ship will leverage OPM via subsidiary shareholders until it no longer suits their purposes, e.g. buying out BPY because share price no longer represented fair value in their eyes. Or they spin off Reinsurance via special dividend into a new unit (BAMR shares exchangeable with BAM.A) to see if they can leverage OPM in that unit. The mother ship must think they can draw in more/new shareholders in that unit. FWIW, I am waiting to see how BAM is going to work that exchange so I can convert my new BAMR shares back to BAM.A shares.
 

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I finally sold mine today for $21. I will miss the upcoming dividend so it's effectively $20.52. I also sold my BPY after a bit of a rigmarole -- I am feeling pissed off at Brookfield for f**ing things up right now.
 

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I think it's fair when someone offers a price significantly above the current market price.
... do you know what IPL's current price is? I'm looking at it right now $20.94 (15 minutes delay from 4:02 pm). What's BAM's latest offering? $20.50 ... not even close to $21 CD$ which does not include their partial shares (think they scrapped that). And you consider that as "significantly" above current market price? Wow, what a spin.

"Creative accounting" is a term that suggests accounting reporting that is technically legal, but violates the intent of accounting principals.
... and so?

I am not suggesting there is any such activity, just that the arrangements, cross ownership etc are confusing. Not wrong, improper or anything of the sort, simply a bit complex and confusing to most people.

FWIW I also find ATCO and CU accounting somewhat confusing.

Complicated and/or confusing is not the same as misleading or nefarious.
...that's why I asked you to clarify what you meant by "messy " accounting.

I don't know about you, touting it as a great( or nice ?) company but as said, I'm not the least interested in a company with "messy" / confusing accounting either as I'm not that smart.
 

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Sold IPL at 18+ a few months ago (loss) and redeployed $ making a double, don't own BIPC, do own 1000 PPL shs and just received plastic wrapped bulky voting package in todays mail. Opened and voted online for it. Entire contents (less personal identifiers) to recycling. Done.
 

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... do you know what IPL's current price is? I'm looking at it right now $20.94 (15 minutes delay from 4:02 pm). What's BAM's latest offering? $20.50 ... not even close to $21 CD$ which does not include their partial shares (think they scrapped that). And you consider that as "significantly" above current market price? Wow, what a spin.
You realize that the reason the current price is high is because they fully expect an even higher offer is coming right?

Yes I consider $20.50 much higher than $15.

I don't know about you, touting it as a great( or nice ?) company but as said, I'm not the least interested in a company with "messy" / confusing accounting either as I'm not that smart.
Good, that's a completely reasonable position.
I think Brookfield has shown an excellent ability to provide value. Yes the accounting is confusing, but not insurmountable.

Look at BEP or BIP (my first 2 purchases BTW) it's not that hard to see why they're doing so well.
 

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You realize that the reason the current price is high is because they fully expect an even higher offer is coming right?
... now you get it but doesn't change the fact that BAM/BIP/etc. is the mother of the nickel and diming game.

Yes I consider $20.50 much higher than $15.
.. well, yah and much much much higher than $7.30 from 2003. The fantastic premium there as compared to your mention of an "8%" (piddly) premium from the mother of nickels and dimes.

Good, that's a completely reasonable position.
I think Brookfield has shown an excellent ability to provide value. Yes the accounting is confusing, but not insurmountable.

Look at BEP or BIP (my first 2 purchases BTW) it's not that hard to see why they're doing so well.
... all the power to you since it works great for you.
 

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BIPC offer looks like a done deal at this point. IPL is trading at a discount to BIPC blended offer. It is trading at a massive 8% premium to the PPL offer, showing that it is not being seriously taken and PPL cannot offer the cash that BIPC has. I would probably vote for 100% BIPC shares and take the share premium but I suspect it will be proration'd down.
 

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It's over when enough shareholders tender to the BIPC offer. If they have enough votes, expect the current offer to remain the same. If they can't quite get enough support, then BIPC may need to juice the bid to get across the finish line. Without inside knowledge, it's impossible to say for sure, although I would guestimate it's a 50-50 chance of a higher offer; BIPC may need to offer a little more or some type of concession to bring the IPL board onside. I don't think they need to offer much more though. With IPL slightly below the $20 cash offer price, I am holding to find out.
 
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