IPPLF - Inter Pipeline favors Pembina combination over new Brookfield bid

Inter Pipeline (IPPLF) says it continues to recommend a merger with Pembina Pipeline (PBA) over Brookfield Infrastructure Partners' (BIP) revised offer.Inter Pipeline says the Pembina deal would allow shareholders to participate directly in cash flow growth from the Heartland Petrochemical Complex that is expected to enter service in early 2022 and benefit from a 175% increase to monthly dividends.The company says the proposed variation to the Brookfield bid "appears to be on substantially the same economic terms" as its earlier proposal."Both proposals had substantially equivalent 'headline numbers,' however, the Inter Pipeline board was of the view that the proposed Pembina transaction provided considerable incremental value for shareholders," the company says.The latest exchange follows Brookfield's hostile takeover offer in February, which Pembina rejected pending a strategic review of alternatives.

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Inter Pipeline favors Pembina combination over new Brookfield bid