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Brookfield Wins Inter Pipeline Backing for $6.8 Billion Deal

  • Recommendation comes after Inter scrapped takeover by Pembina
  • Brookfield made initial unsolicited bid for Inter in February
Updated on

Canada’s Inter Pipeline Ltd. told shareholders to accept a C$8.6 billion ($6.8 billion) hostile takeover offer from Brookfield Infrastructure Partners LP, days after walking away from a friendly deal with Pembina Pipeline Corp.

The move pushes the months-long battle for Canada’s fourth-largest midstream company closer to a resolution. Brookfield sweetened its bid on July 15 to win over Inter Pipeline shareholders, while prominent advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. recommended that investors vote against Pembina’s all-share offer.