Inter Pipeline Scuttles Pembina Merger, Accepts $6.9B Brookf

Inter Pipeline Scuttles Pembina Merger, Accepts $6.9B Brookfield Takeover Bid


Inter Pipeline Scuttles Pembina Merger, Accepts $6.9B Brookfield Takeover Bid
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Toronto-based Brookfield Infrastructure Partners LP won a prolonged takeover contest for Inter Pipeline Ltd. (IPL) in Calgary today after adding an all-cash option to its bid for shareholder support and raising the total offer to about C$8.6 billion ($6.9 billion).
At a cost of a deal-breaking penalty of C$350 million ($280 million), IPL canceled a May agreement to combine with Calgary peer Pembina Pipeline Corp. Brookfield beat a Pembina all-stock bid valued at about C$8.3 billion ($6.6 billion).
IPL said its next steps will be “engaging with Brookfield in an effort to reach a mutually agreeable transaction in the best interests of shareholders,” then a recommendation for a deal from its board of directors.

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