- Brookfield Infrastructure Partners (NYSE:BIP) says it filed an application with the Alberta Securities Commission seeking elimination of Inter Pipeline's (OTCPK:IPPLF) C$350M termination fee to Pembina Pipeline (NYSE:PBA), which Brookfield says "threatens to enrich Pembina Pipeline Corporation at the expense of IPL's existing shareholders."
- Brookfield says if it succeeds in eliminating or reducing the break fee, it would further increase its takeover offer to Inter Pipeline shareholders by an equivalent amount.
- Inter Pipeline reiterates its support of the share-exchange transaction with Pembina and rejects Brookfield's revised hostile takeover offer.
- Last week, Brookfield raised its offer for Inter Pipeline to C$19.75/share in cash and stock, topping Pembina's C$19.45/share all-stock offer.