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)
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
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Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
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Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
A Sydney bishop who was stabbed repeatedly in an alleged extremist attack blamed on a teenager has backed X Corp. owner Elon Musk's legal bid to overturn an Australian ban on sharing graphic video of the attack on social media.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
A reluctant Donald Trump returned to a New York City courtroom Thursday as his hush money trial resumed at the same time that the U.S. Supreme Court hears arguments in Washington over whether he should be immune from prosecution for actions he took during his time as president.
A ship travelling in the Gulf of Aden came under attack Thursday, officials said, the latest assault likely carried out by Yemen's Houthi rebels over Israel's ongoing war on Hamas in the Gaza Strip.
Iran's judiciary confirmed the death sentence of well-known Iranian rapper Toomaj Salehi but added that he is entitled to a sentence reduction, state media reported on Thursday.
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
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The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
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China launched a three-member crew to its orbiting space station on Thursday as part of its ambitious program that aims to put astronauts on the moon by 2030.
U.S. President Joe Biden signed legislation Wednesday that could ban TikTok in the U.S. while his campaign has embraced the platform and tried to work with influencers.
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The B.C. woman convicted of killing Reena Virk described the TV series dramatizing the notorious 1997 murder as disrespectful to the victim and her family.
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
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During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A Polish pilot proposed to his flight attendant girlfriend during a flight from Warsaw to Krakow, and she said yes.
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The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
We feel good about ourselves and we feel we can go in there and win a game," Bowness said.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
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Wrexham AFC, co-owned by Canadian actor and Vancouver native Ryan Reynolds, is set to play Major League Soccer's Vancouver Whitecaps on July 27 at BC Place Stadium.
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Community members gathered at a Bedford, N.S., mosque for Ahmad Al Marrach — a 16-year-old murder victim — for his funeral on Wednesday.
Thirty new paramedics are coming to Nova Scotia from the land down under in the next year.
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Jury selection is set to start today for the trial of a Winnipeg man accused of killing four women.
A new fight is gearing up at city hall over Lemay Forest.
The City of Regina has decided to not reduce speed limits in the Cathedral area for the time being.
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Three dogs died in the blaze.
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A Waterloo man needed to be taken away by air ambulance following a crash on King Street.
A sentencing hearing has started for a former Saskatchewan Mountie who shot and killed his lover.
A Saskatchewan woman who was taken for an involuntary mental health assessment is entitled to find out who had her committed, a provincial court judge has ruled.
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During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
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A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
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A popular summer festival on the Barrie waterfront is returning for its 52nd year, with one of the most impressive lineups yet.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Barrie Police are seeking help identifying a cyclist who was allegedly aggressively chased by a vehicle.
A snake habitat on Pelee Island will be restored. Through a multi-partner collaboration, conservation work on Pelee Island will continue through 2026.
Chatham-Kent police are asking for the public’s help locating a 15-year-old girl, who has been missing over a week.
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Mounties on Vancouver Island have confirmed that two bodies recovered by United States authorities earlier this week are those of a pair of missing kayakers from British Columbia.
A West Kelowna woman is being ordered by B.C.'s small claims tribunal to pay more than $600 after her son's dog damaged the neighbour's pool.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
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Search and rescue crews have been called in after a vehicle belonging to a missing senior was located near a rural intersection outside of Kelowna Tuesday.
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It’s not even May 1 and the fire risk for southern Alberta is already alarming.
Whoop-Up Days is still four months away, but applications to be in this year’s parade are now open.
Lethbridge has added 28 physicians over the past year, according to a quarterly report published by the College of Physicians and Surgeons of Alberta.
Some members of the Garden River First Nation are demanding answers regarding the disbursement of the Robinson-Huron Treaty settlement funds.
The Ontario Provincial Police, in partnership with the Treaty Three Police Service, have charged a suspect with murder following a homicide in a remote northwestern Ontario community.
A 15-year-old in Sault Ste. Marie has been charged following an incident on Bay Street on Tuesday.
A Newfoundland-made vodka has been named one of the world’s best by judges at this year’s World Vodka Awards.
Uber Technologies Inc. says it has brought its ridesharing platform to Newfoundland and Labrador.
Newfoundlander Christian Sparkes has shot several films around his home province, but with his new psychological thriller 'The King Tide' he saw an opportunity to wander into one unique town that had eluded him over the years.
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