Inter Pipeline prefers Brookfield’s bid over Pembina’s: Reuters

Calgary-based pipeline operator Inter Pipeline has decided against recommending a C$8.5 billion ($6.77 billion) deal with rival Pembina Pipeline Corp to shareholders and instead chose to pursue a higher bid from Brookfield Infrastructure Partners, Reuters reported.

Calgary-based pipeline operator Inter Pipeline has decided against recommending a C$8.5 billion ($6.77 billion) deal with rival Pembina Pipeline Corp to shareholders and instead chose to pursue a higher bid from Brookfield Infrastructure Partners, Reuters reported. Brookfield’s offer looked too good to refuse, with Institutional Shareholder Services and Glass Lewis highlighting a higher price and better chances of regulatory approval. Inter Pipeline said it will pay Pembina a termination fee of C$350 million.

Source: Reuters