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Pembina CEO Files Cross Applications

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Pembina Pipeline and Inter Pipeline have filed cross-applications with the Alberta Securities Commission to remedy disclosure issues and coercive tactics by Brookfield Infrastructure Partners in relation to its take-over offer of Inter Pipeline.

Pembina president and CEO Mick Dilger said: “It is critically important that all shareholders involved in a large transaction be given transparency and a fair, unencumbered process to choose the deal that they determine to be in their best interests.

“This is equally important for sophisticated investors and individual retail holders,” he continued.  “Brookfield cannot use its ‘block’ of shares to threaten the strategic merger with Pembina, while at the same time claiming that it does not control these shares and that they count toward acceptance of its tender offer. Brookfield is clearly conflicted and must step back and let Inter Pipeline’s other shareholders choose the best offer.”

Added Dilger, “Brookfield is pushing the same offer that has essentially been repackaged three times while trying to unfairly influence a democratic process to have that inferior transaction accepted. We are asking the ASC to bring some daylight into the process and protect shareholder rights.”

The Inter Pipeline Board has unanimously recommended that shareholders support the strategic share-exchange transaction with Pembina. The merger will give Inter Pipeline shareholders an immediate 175% increase to their monthly dividend, upside value due to the combined companies’ synergies and accelerated growth outlook, and a tax-free rollover for taxable Canadian shareholders.

For full details on the Cross Applications visit: