Brookfield Infrastructure Partners said on Friday proxy advisory company Glass Lewis has backed Brookfield’s offer for Inter Pipeline Ltd over a rival bid from Pembina Pipeline Corp.
This follows days after support for Brookfield’s bid from proxy advisory firm Institutional Shareholder Services (ISS).
Pembina has made an all-stock bid of about C$8.5 billion ($6.77 billion), while Brookfield had earlier offered C$8.48 billion, with an all-cash option, before raising its hostile offer for Inter Pipeline to about C$8.58 billion last week.
Brookfield’s revised offer, provides for 100% cash consideration at a value which meaningfully exceeds both the headline value and the prevailing synergized value of the Pembina merger consideration, Glass Lewis said.
Inter Pipeline, the Canadian pipeline operator, has recommended that shareholders vote for the offer from Pembina.