TORONTO — Brookfield Infrastructure Partners LP has extended the deadline of its hostile takeover offer for Inter Pipeline Ltd. to Aug. 6.
The offer, which was to expire today, is conditional on Inter Pipeline's friendly deal to be acquired by Pembina Pipeline Corp. not being approved at a shareholder meeting on July 29.
The move follows an Alberta Securities Commission ruling in favour of Inter Pipeline and Pembina that was critical of the tactics used by Brookfield Infrastructure in the takeover fight.
The securities regulator upheld a $350-million break fee associated with the Inter Pipeline-Pembina deal that Brookfield had sought to have cancelled.
It said Brookfield Infrastructure used "abusive" tactics in its attempt to buy Inter Pipeline and ordered the company to provide additional disclosure related to total return swaps it holds that give it economic exposure to Inter Pipeline's shares.
The regulator also raised the minimum tender conditions of the Brookfield Infrastructure offer to 55 per cent from a simple majority of the shares tendered by shareholders other than Brookfield and those acting in concert with it.
This report by The Canadian Press was first published July 13, 2021.
Companies in this story: (TSX:IPL, TSX:BIP.UN, TSX:PPL)
The Canadian Press
