CALGARY – Brookfield Infrastructure Partners LP has extended its takeover offer for Inter Pipeline Ltd. to Aug. 20.
The company has offered $20 in cash or 0.25 of a class A exchangeable subordinated voting share of Brookfield Infrastructure per Inter Pipeline share, with a limit on the number of Brookfield Infrastructure shares available.
The Inter Pipeline board has recommended shareholders accept the offer.
Pembina Pipeline Corp. terminated its offer for the company after the Inter Pipeline board said it would no longer recommend shareholders support the bid after Brookfield Infrastructure raised its offer.
Pembina will pocket a $350-million break fee as a result.
Shareholder advisory firms ISS and Glass Lewis had recommended Inter Pipeline shareholders reject the company’s proposed sale to Pembina and instead support the takeover by Brookfield Infrastructure.