By Adriano Marchese
Inter Pipeline Ltd. has agreed to pay 350 million Canadian dollars ($278.5 million) to Pembina Pipeline Corp. after their takeover deal fell apart and Inter Pipeline said it will remain open to engaging with Brookfield Infrastructure Partners L.P.
The Canadian energy infrastructure company said Monday that Pembina terminated its arrangement agreement after the Inter Pipeline board would no longer reconfirm its recommendation in favor of a combination.
On July 19, Brookfield revised an offer to purchase Inter Pipeline, proposing to pay C$21.23 for each Inter Pipeline share on a prorated basis, which represents a premium of C$1.53 to the Pembina offer.
"Inter Pipeline's board of directors is open to engaging with Brookfield in an effort to reach a mutually agreeable transaction in the best interests of shareholders," the company said.
Inter Pipeline said that it will be in a position to make a formal recommendation on the revised Brookfield offer in due course.
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires