Deals
Brookfield’s Inter Pipeline Bid Favored by ISS Over Pembina Deal
- Proxy advisory from says Brookfield’s cash proposal less risky
- Pembina Pipeline says it won’t revise its takeover proposal
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Inter Pipeline Ltd.’s plans to sell itself to Pembina Pipeline Corp. have been dealt a blow after a prominent shareholder advisory firm recommended investors reject the deal and instead support a C$8.6 billion ($6.7 billion) hostile offer from Brookfield Infrastructure Partners.
Institutional Shareholder Services Inc. said that while there’s a “sound strategic rationale for a combination” with Pembina, and the all-stock transaction could also deliver upside for investors, Brookfield’s higher cash offer provides financing certainty without regulatory risk.