IPPLF - Brookfield's bid for Inter Pipeline hit by regulator in boost for Pembina

Brookfield Infrastructure Partners' (BIP) effort to acquire Inter Pipeline (IPPLF) suffers a blow, as the Alberta Securities Commission rules Inter Pipeline did not engage in any improper defensive tactics to fend off Brookfield's hostile takeover bid, providing a boost to Pembina Pipeline's (PBA) friendly takeover offer.The provincial regulator raised the percentage of shares that must be tendered to Brookfield's bid to 55% support; before the ruling, Brookfield needed to win a simple majority of Inter Pipeline's independent shareholders.The Commission also dismissed Brookfield's request to remove a $350M termination fee that Inter Pipeline has agreed to pay Pembina if that takeover is not approved by shareholders.Brookfield, whose offer expires tomorrow, filed a complaint last month alleging Inter Pipeline's tactics favored Pembina.Inter Pipeline had rejected Brookfield's latest revised takeover offer three weeks ago.

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Brookfield's bid for Inter Pipeline hit by regulator in boost for Pembina