Summary
Enbridge Inc. (ENB) announced the completion of its previously announced plan of arrangement (the "Arrangement") with Enbridge Income Fund Holdings Inc. (ENF) as of November 7, 2018. This arrangement involved Enbridge acquiring all outstanding common shares of ENF not already owned by Enbridge. The transaction was executed through the exchange of ENF shares for a combination of Enbridge common shares and cash, reflecting an agreed exchange ratio and a cash component per ENF share. This move signifies a strategic consolidation for Enbridge, streamlining its corporate structure and potentially enhancing operational efficiencies by fully integrating ENF's assets and operations. Investors holding ENF shares received Enbridge shares and cash, along with entitlement to upcoming dividends from both entities, subject to record dates.
Key Highlights
- 1Completion of the Enbridge Inc. (ENB) and Enbridge Income Fund Holdings Inc. (ENF) plan of arrangement on November 7, 2018.
- 2Enbridge acquired all outstanding ENF common shares not previously owned.
- 3ENF shareholders received 0.7350 Enbridge common shares and $0.45 cash per ENF share.
- 4Enbridge issued approximately 104 million new common shares as part of the transaction.
- 5ENF shareholders continuing to hold Enbridge shares by November 15, 2018, are eligible for Enbridge's Q4 dividend ($0.67100 per share).
- 6ENF shareholders also received the ENF Q4 dividend ($0.1883 per share).