Pembina Pipeline Corp. isn't budging on the terms of its friendly tie-up arrangement with Inter Pipeline Corp. despite facing renewed competition in the takeover tug of war.

In a release late Friday, Pembina said it "does not intend to increase or otherwise change" the agreement that's in place to provide 0.5 of a share for each share of Inter Pipeline.

"Pembina believes that its strategic combination with Inter Pipeline is extremely compelling from an immediate and long-term value perspective and believes shareholders should vote in favour of the transaction," the company said in the release.

The stand-pat strategy comes one day after Brookfield Infrastructure Partners L.P. announced its intent to boost its hostile offer for Inter Pipeline to $20 per share in cash or 0.25 of a Brookfield Infrastructure Corp. share for each share held by Inter Pipeline investors. Brookfield’s stock offer is subject to proration.

Based on Friday's closing prices on the Toronto Stock Exchange, Pembina's offer was worth $19.40 per share. Brookfield's stock offer, by comparison, was worth $22.49 per share.

For its part, Inter Pipeline said on Thursday that its special committee of directors will review Brookfield's revised offer when and if it's formally presented.

Inter Pipeline's deal with Pembina is scheduled to be voted on by shareholders on July 29.