ISS favors Brookfield’s hostile bid for Inter Pipeline: Bloomberg

Inter Pipeline’s plans to sell itself to Pembina Pipeline Corp have been dealt a blow after an advisory firm recommended investors reject the deal and instead support a C$8.6 billion (US$6.7 billion) hostile offer from Brookfield Infrastructure Partners, Bloomberg reported.

Inter Pipeline’s plans to sell itself to Pembina Pipeline Corp have been dealt a blow after an advisory firm recommended investors reject the deal and instead support a C$8.6 billion (US$6.7 billion) hostile offer from Brookfield Infrastructure Partners, Bloomberg reported. Institutional Shareholder Services said that while there’s a “sound strategic rationale for a combination” with Pembina, and the all-stock deal could also deliver upside for investors, Brookfield’s higher cash offer provides financing certainty without regulatory risk. Calgary-based Inter Pipeline is an oil and gas transportation company.

Source: Bloomberg