Brookfield Says It May Sweeten Pipeline Bid After Ruling

Regulator raises tender requirement to 55% of shares
Company must disclose more information on total return swaps

Pembina NGL pipeline warning signs are posted outside the Inter Pipeline Heartland Petrochemical Complex under construction in Strathcona County, Alberta, Canada.
Jason Franson/Bloomberg

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By Robert Tuttle

July 12, 2021 at 11:04 PM UTC

Updated on

July 13, 2021 at 8:30 PM UTC

This article is for subscribers only.

Brookfield Infrastructure Partners LP said it’s considering “further enhancements” to its hostile takeover bid for Inter Pipeline Ltd., one day after Canadian regulators imposed tougher conditions on the offer.

Toronto-based Brookfield extended its bid to Aug. 6. It must get investors to tender at least 55% of Inter Pipeline’s shares in order to succeed, the Alberta Securities Commission ruled on Monday. Shares that Brookfield already owns don’t count toward the total.