IPPLF - Pembina Pipeline nixes deal to buy Inter Pipeline

CHENG FENG CHIANG/iStock via Getty Images Pembina Pipeline (PBA) says it has terminated its agreement to acquire Inter Pipeline (IPPLF), which will pay Pembina a C$350 termination fee. Pembina had made an all-stock bid for the company totaling ~C$8.3B, but said it would not raise its offer after Brookfield Infrastructure (BIP) revised its previous hostile offer for Inter Pipeline to $20/share in cash or 0.25 of a Brookfield Infrastructure share for each share held by Inter Pipeline investors. Proxy advisor services Glass Lewis and ISS both came out in favor of Brookfield's offer.

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Pembina Pipeline nixes deal to buy Inter Pipeline