Inter Dismisses Brookfield Offer, Stands by Pembina Deal

The Inter Pipeline Heartland Petrochemical Complex under construction in Strathcona County, Alberta, Canada, on Wednesday, June 2, 2021. Brookfield Infrastructure Partners LP raised its hostile offer for Inter Pipeline Ltd. to C$8.4 billion ($6.9 billion) as it sought to break up the company's takeover by Pembina Pipeline Corp. announced a day earlier. , Bloomberg

Doug Alexander, Bloomberg News

Jun 3, 2021

Share

(Bloomberg) -- Inter Pipeline Ltd. dismissed a hostile offer from Brookfield Infrastructure Partners LP and said it continues to recommend shareholders back a merger with Pembina Pipeline Corp.

The Canadian pipeline company Thursday in a statement that it “acknowledged” Brookfield’s intention to revise its offer, though Inter Pipeline’s board continues to unanimously recommend the Pembina deal. The proposed variation of Brookfield’s bid described in a June 2 press release “appears to be on substantially the same economic terms as the private proposal Brookfield made to Inter Pipeline on May 31,” Calgary-based Inter Pipeline said.

©2021 Bloomberg L.P.