Brookfield Infrastructure Partners LLP said it's confident its hostile bid for Calgary-based Inter Pipeline will be successful now that Pembina Pipeline Corp. has terminated its own rival offer. The news came nearly two months after Inter Pipeline entered into a friendly $8.3-billion all-share deal with Pembina equal to $19.45 per share. The deal — which would have seen Inter Pipeline shareholders receive half a Pembina share for each Inter Pipeline share they hold — was struck in response to the hostile takeover bid from Brookfield that Inter Pipeline said undervalued its business. Brookfield, Inter Pipeline's largest shareholder, subsequently raised its cash and share takeover offer to $19.75 per share, up from its earlier proposal valued at $16.50 per share. Inter Pipeline said it is open to working with Brookfield to reach a "mutually agreeable transaction."

Source: CBC News July 26, 2021 16:30 UTC