This follows days after support for Brookfield’s bid from proxy advisory firm Institutional Shareholder Services (ISS).
Pembina has made an all-stock bid of about $8.5-billion, while Brookfield had earlier offered $8.48-billion, with an all-cash option, before raising its hostile offer for Inter Pipeline to about $8.58-billion last week.
Brookfield’s revised offer, provides for 100-per-cent cash consideration at a value which meaningfully exceeds both the headline value and the prevailing synergized value of the Pembina merger consideration, Glass Lewis said.
Inter Pipeline, the Canadian pipeline operator, has recommended that shareholders vote for the offer from Pembina.
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