- Brookfield Infrastructure Partners (NYSE:BIP) says it agrees with a recommendation from proxy advisor Glass Lewis that Inter Pipeline (OTCPK:IPPLF) shareholders reject the proposed transaction with Pembina Pipeline (NYSE:PBA).
- Glass Lewis says it prefers Brookfield's latest offer "which meaningfully exceeds both the headline value and the prevailing synergized value of the Pembina merger consideration," and cites "execution and integration risks associated with the proposed merger [with Pembina] and the ongoing market and commodity price risk, among others, related to an ongoing equity investment in the combined company."
- Earlier this week, shareholder advisory firm ISS expressed similar reservations over Pembina's offer.
- Brookfield revised its offer for Inter Pipeline last week to C$21.23 for each share on a prorated basis.