IPPLF - Hostile takeover becomes friendly merger as Inter Pipeline OKs Brookfield deal

CHENG FENG CHIANG/iStock via Getty Images Inter Pipeline (IPPLF) says it will accept a C$8.6B hostile takeover offer from Brookfield Infrastructure Partners (BIP), one day after the collapse of a friendly deal with Pembina Pipeline (PBA). Brookfield sweetened its bid on July 15 to win over Inter Pipeline shareholders, while advisory firms ISS and Glass Lewis recommended that investors vote against Pembina's all-share offer, and then Pembina decided not to raise its offer. Under the revised Brookfield offer, Inter Pipeline shareholders can choose between C$20 per Inter Pipeline share in cash or 0.25 of a Brookfield share, subject to proration. Brookfield's latest offer "meaningfully exceeds both the headline value and the prevailing synergized value of the Pembina merger consideration," Glass Lewis had said in backing the deal.

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Hostile takeover becomes friendly merger as Inter Pipeline OKs Brookfield deal