Inter Pipeline Ltd has announced that the board of directors has unanimously determined that Brookfield’s hostile takeover bid is not in the best interests of the company or its shareholders.

The board’s determination followed careful consideration, including advice from its financial and legal advisors, and the recommendation of a special committee of independent directors. 

The board believes the hostile bid significantly undervalues Inter Pipeline’s standalone plan and unanimously recommends that shareholders reject the hostile bid and not tender their common shares.

It said: “To reject the hostile bid, simply take no action. if you have tendered your shares in error and wish to withdraw, simply ask your broker or contact Kingsdale Advisors to assist you with this process.”

“Our business continues to perform strongly and we continue to expect that our nearly completed Heartland Petrochemical Complex, the largest growth project in our history, will deliver a step change in cash flow starting next year,” said Margaret McKenzie, chair of the special committee. “We have launched a comprehensive strategic review process focused on maximising value for shareholders and we believe superior offers or other alternatives may emerge.”

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10th March 2021