IPPLF - Brookfield boosts offer for Inter Pipeline to C$21.23/share in cash and stock

zorazhuang/iStock via Getty Images Brookfield Infrastructure Partners (BIP) says it is raising its hostile offer for Inter Pipeline (IPPLF) to one valued at ~C$8.58B (US$6.85B), as it battles a rival bid from Pembina Pipeline (PBA). Brookfield says shareholders can now elect to receive either C$20/share in cash or 0.25 of a Brookfield share for each Inter Pipeline share; earlier, it had offered ~C$19.50 in all-cash per Inter share, or 0.225 of Brookfield's Class A share. Pembina has made an all-stock bid of ~C$8.3B, while Brookfield had offered C$8.48B, with an all-cash option. Brookfield says the combination of the stability of its cash flows and growth outlook would result in total distribution growth of 5%-9% annually. The company raised its bid after the Alberta Securities Commission ruled that Inter Pipeline did not engage in any improper defensive tactics to fend off Brookfield's hostile takeover bid.

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Brookfield boosts offer for Inter Pipeline to C$21.23/share in cash and stock