Inter Pipeline Ltd. has rejected a revised hostile takeover offer by Brookfield Infrastructure Partners LP that allows shareholders to receive their payment entirely in cash instead of a mix of cash and shares if they want.
The company urged shareholders to reject the offer and support its friendly all-stock deal to be bought by Pembina Pipeline Corp., which would see shareholders receive half a Pembina share for each Inter Pipeline share they hold.
Inter Pipeline says it continues to believe its deal with Pembina provides greater value for shareholders.
Brookfield Infrastructure said last week it would eliminate a cap on the amount of cash available under its proposal after what it says was feedback from institutional and event-driven investors.
It has offered $19.50 in cash or 0.225 of a Brookfield Infrastructure class-A exchangeable share for each Inter Pipeline share.
It has also said that it is prepared to increase the cash portion of its bid by up to 90 cents per share if it is successful in challenging a $350-million break fee Inter Pipeline would have to pay Pembina.
This report by The Canadian Press was first published June 21, 2021.
Companies in this story: (TSX:IPL, TSX:PPL, TSX:BIPC, TSX:BIP.UN)
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