Deals
Brookfield Seeks to Break Up $6.9 Billion Pembina-Inter Deal
- Revised hostile offer from Brookfield is 74% cash, 26% shares
- Inter agreed on Tuesday to an all-stock takeover by Pembina
Photographer: Brett Gundlock/Bloomberg
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Brookfield Infrastructure Partners LP raised its hostile offer for Inter Pipeline Ltd. to C$8.4 billion ($6.9 billion) as it sought break up the company’s deal with Pembina Pipeline Corp., setting off a full-blown takeover battle for Canada’s fourth-largest pipeline company.
Brookfield Infrastructure said Wednesday it will make a cash-and-stock offer valued at C$19.75 per share, representing a 4.4% premium to Pembina’s all-stock proposal, and take it directly to Inter’s investors. The offer, which is nearly three-quarters cash, came a day after Pembina made an all-stock offer that’s currently worth about C$19.25 a share.