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Brookfield Infrastructure says its price for Inter Pipeline stands, despite rejection

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These translations are done via Google Translate

TORONTO — Brookfield Infrastructure Partners LP says Inter Pipeline Ltd. hasn't provided evidence to support its call for a higher alternative to the $7.1 billion hostile takeover bid that Brookfield announced last month.

Brookfield Infrastructure says it remains committed to the offer and believes it's in the best interest of IPL shareholders, who would get a combination of cash and stock for their Inter Pipeline shares.

The hostile offer has been valued at the equivalent of $16.50 per IPL share but Inter Pipeline suggested Wednesday that it would have to be $20 per share to be in line with what its peers are worth.

Brookfield Infrastructure says this morning that it welcomes Inter Pipeline's efforts to find other proposals.

But Brookfield says its offer is based exclusively on publicly available information and it would require access to private IPL information if it's to make a higher bid. 

Inter Pipeline shares are currently trading above Brookfield's offer price and below the board's suggested price. IPL shares were at $18.43 on the Toronto Stock Exchange in early trading.

This report by The Canadian Press was first published March 10, 2021.

Companies in this story: (TSX:IPL, TSX:BIP. UN, TSX:BIPC

The Canadian Press

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