Inter Pipeline's Heartland Petrochemical Complex in Fort Saskatchewan, Alta. is shown in an undated handout photo. The board of directors at Inter Pipeline Ltd. says it still supports a takeover deal the company signed with Pembina Pipeline Corp., despite an increased offer from Brookfield Infrastructure Partners.THE CANADIAN PRESS/HO, Inter Pipeline *MANDATORY CREDIT*

Inter Pipeline continues to support Pembina deal after improved Brookfield offer

Inter Pipeline continues to support Pembina deal after improved Brookfield offer

CALGARY — The board of directors at Inter Pipeline Ltd. says it still supports a takeover deal the company signed with Pembina Pipeline Corp., despite an increased offer from Brookfield Infrastructure Partners.

Inter Pipeline says the board continues to unanimously recommend the Pembina deal, which it says is strategic for both companies.

Brookfield Infrastructure raised its hostile offer for Inter Pipeline on Wednesday to top the company’s friendly deal with Pembina.

The new bid was valued at $19.75 per Inter Pipeline share including 74 per cent in cash and 26 per cent in shares. The proposal is up from an earlier offer valued at $16.50 per share.

Inter Pipeline’s all-stock deal with Pembina would see shareholders receive half a Pembina share for each Inter Pipeline share they hold.

Pembina shares closed at $38.02 on Wednesday.

This report by The Canadian Press was first published June 3, 2021.

Companies in this story: (TSX:IPL, TSX:PPL, TSX:BIP.UN)

The Canadian Press

Inter Pipeline

Just Posted

CMHA
Mental health support centre in central Alberta to receive funding

Shoppers Drug Mart is lending support to the Canadian Mental Health Association.… Continue reading

Downtown Red Deer was packed with people who lined the streets to watch the Westerner Days parade on Wednesday. (Photo by SUSAN ZIELINSKI/Advocate staff)
Westerner Days parade cancelled, full details on modified event coming June 28

The 2021 edition of Westerner Days will look much different than any… Continue reading

City council wants to hear from the public at a May 25 hearing about whether the temporary homeless shelter should be allowed to remain in the downtown for another year. (Advocate file photo).
City of Red Deer staff to recommend another extension to allow operations at current temporary shelter site

Following some more research city administration has received no other new locations… Continue reading

A scene from the short Western ‘Cheaters, Robbers and Outlaws,’ written and directed by Jason Steele, with support from Telus Storyhive. (Contributed image)
Red Deerians make ‘Cheaters, Robbers and Outlaws’ short Western film

Writer and director Jason Steele received a $20,000 Storyhive grant from Telus

Residents in several neighbourhoods reported little to no water pressure Tuesday night. (File photo by Advocate staff)
City hall to reopen for payments and customer service

Red Deer City Hall will reopen on June 21 for utility and… Continue reading

Harley Hay
Harley Hay: You can’t trust Mondays

Monday isn’t my favourite day. It insists on occurring right after a… Continue reading

Montreal Canadiens goaltender Carey Price stops Vegas Golden Knights' William Karlsson as he is covered by Canadiens' Joel Edmundson during first period of Game 3 of the NHL Stanley Cup semifinal Friday, June 18, 2021 in Montreal. THE CANADIAN PRESS/Paul Chiasson
Andreson’s timely scoring, Price’s goaltending give Habs 2-1 series lead over Vegas

Canadiens 3 Golden Knights 2 (OT) (Montreal leads series 2-1) MONTREAL —… Continue reading

Atlanta Hawks guard Trae Young (11) is defended by Philadelphia 76ers guard Ben Simmons (25) as he looks for an opening during the first half of Game 6 of an NBA basketball Eastern Conference semifinal series Friday, June 18, 2021, in Atlanta. (AP Photo/John Bazemore)
Curry, Harris help 76ers stay alive, hold off Hawks 104-99

76ers 104 Hawks 99 (Series tied 3-3) ATLANTA — Seth Curry hit… Continue reading

Canadian Prime Minister Justin Trudeau is seen during a joint news conference following the EU-Canada Summit, in Brussels, Belgium, Tuesday June 15, 2021. Trudeau says Canada is on track now to have 68 million doses delivered by the end of July, which is more than enough to fully vaccinate all 33.2 million Canadians over the age of 12. THE CANADIAN PRESS/Adrian Wyld
Vaccine deliveries enough to fully vaccinate all eligible Canadians by end of July

OTTAWA — Prime Minister Justin Trudeau’s promise of a two-dose fall is… Continue reading

Marco Mendicino, Minister of Immigration, Refugees and Citizenship, speaks during a press conference in Ottawa, Thursday, May 13, 2021. Mendicino has announced a new policy to help settle 500 refugees and their families in a news conference today. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year: Immigration Minister Marco Mendicino

Immigration Minister Marco Mendicino announced plans to expedite applications and increase the… Continue reading

Louis Oosthuizen, of South Africa, plays his shot from the third tee during the second round of the U.S. Open Golf Championship, Friday, June 18, 2021, at Torrey Pines Golf Course in San Diego. (AP Photo/Marcio Jose Sanchez)
Bland leads at Torrey and shows the US Open is truly open

SAN DIEGO — The U.S. Open prides itself on being the most… Continue reading

The Prime Minister's car waits outside the National Microbiology Laboratory in Winnipeg Tuesday, May 19, 2009. The head of the Public Health Agency of Canada is showing no sign he'll release unredacted documents about the firing of two scientists at Canada's highest security laboratory — despite the prospect of being publicly shamed in the House of Commons for his refusal to turn them over. THE CANADIAN PRESS/John Woods
PHAC head maintains he’s bound by law not to release docs on fired scientists

OTTAWA — The head of the Public Health Agency of Canada is… Continue reading

Chief Public Health Officer Theresa Tam listens to a question during a news conference, in Ottawa, Tuesday, Jan. 12, 2021. The number of confirmed COVID-19 cases attributed to the highly contagious Delta variant grew in Canada this week. THE CANADIAN PRESS/Adrian Wyld
Public health agency reports spike in confirmed cases of Delta variant in Canada

OTTAWA — The number of confirmed COVID-19 cases attributed to the highly… Continue reading

Most Read