Reject the Hostile Bid

It significantly undervalues your investment in Inter Pipeline.

Join Us: Virtual Tour of HPC

On May 12, 2021, Inter Pipeline will host a virtual tour to highlight current construction and operational readiness at the Heartland Petrochemical Complex. Presenters for this virtual event will include: Senior Vice President of Petrochemical Development, David Chappell, and Project Director, Neil Montgomery. The virtual tour will be followed by a question period. 

Registration: To register in advance for this virtual update event, please click HERE or click on the webcast link below.

Event Date Time Dial-In / Webcast
Heartland Petrochemical Complex Virtual Tour May 12, 2021 2:00 p.m. MT (4:00 p.m. ET)

No Dial-in
Webcast Link

An affiliate of Brookfield Infrastructure Partners LP (Brookfield) has commenced a hostile takeover bid to acquire all of common shares of Inter Pipeline Ltd. not already owned by Brookfield.

The Inter Pipeline Board, based on the unanimous recommendation of the Special Committee comprised of independent directors, has unanimously concluded that the Hostile Bid is inadequate, does not reflect fair and full value for the Common Shares and is not in the best interests of Inter Pipeline or its Shareholders. Therefore, our board recommends that you REJECT the Hostile Bid and DO NOT TENDER your Common Shares.


6 Reason to take no action on the Hostile Bid from Brookfield

  1. The Hostile Bid is highly opportunistic and does not reflect Inter Pipeline’s full and fair value.
  2. Our future is bright; Inter Pipeline’s stand-alone plan is worth substantially more than the Hostile Bid.
  3. The Strategic Review of alternatives is already underway guided by the Special Committee and the Inter Pipeline Board.
  4. There are significant risks to the value of the Share Consideration being offered by Brookfield.
  5. Inter Pipeline has already taken a leadership role in ESG.
  6. The Hostile Bid is highly conditional.

Inter Pipeline Directors’ Circular

We urge you to carefully read the attached Directors’ Circular, which provides the complete background to the Hostile Bid and outlines the full list of compelling reasons to REJECT it. This Hostile Bid:

   Is opportunistic and undervalues your shares

   Represents a low premium and low multiple

   Deprives you of the benefit of the Heartland Petrochemical Complex, which is nearing start-up


Do not tender your shares. Please read on for more reasons why

View and download the Directors’ Circular (English)

View and download the Directors’ Circular (French)

View and download the Letter to Shareholders


Reasons to Reject Presentation

We invite you to read the attached Reasons to Reject the Hostile Bid Presentation, which provides an overview of the compelling reasons to REJECT it.

View and download the Reasons to Reject presentation

The Future Is Bright;

Learn What Inter Pipeline Management Has To Say About The Heartland Petrochemical Complex

In The News

Inter Pipeline’s Christian Bayle, President and Chief Executive Officer, joined BNN Bloomberg to discuss the status of the Heartland Petrochemical Complex and why the hostile bid takeover bid undervalues the company. Watch the video.

News Releases

The following news releases have been issued by Inter Pipeline related to the Hostile Bid.

April 29, 2021
Inter Pipeline Board Focused on Maximizing Value for All Shareholders

April 22, 2021
Inter Pipeline Provides Update on Heartland Petrochemical Complex

March 31, 2021
Inter Pipeline Modifies Shareholder Rights Plan To Support Strategic Alternatives Review

March 9, 2021
Inter Pipeline Board of Directors Unanimously Recommends Shareholders Reject Brookfield’s Hostile Bid

February 22, 2021
Inter Pipeline Urges Shareholders to Take No Action with Respect to Unsolicited Takeover Bid by an Affiliate of Brookfield Infrastructure

February 18, 2021
Inter Pipeline Initiates Comprehensive Strategic Review Process to Maximize Shareholder Value

February 11, 2021
Inter Pipeline Provides Statement on Brookfield Infrastructure Partners’ Intention to Make Unsolicited Bid

Supplemental Rights Plan

Inter Pipeline’s Board of Directors has unanimously adopted a limited-purpose supplemental shareholder rights protection plan following a recommendation of the Special Committee of independent directors.

A full copy of the Supplemental Rights Plan is available here. A detailed summary of the Supplemental Rights Plan is set out in Inter Pipeline’s Material Change Report which will be available at

Common questions on Inter Pipeline’s Supplemental Rights Plan

As disclosed in the news release, we need it to close a loophole in our existing rights plan. The Supplemental Rights Plan incorporates financial derivatives in order to support and facilitate the Strategic Alternatives Review to maximize shareholder value. Under the new plan, certain financial derivatives, including Brookfield’s total return swaps, are treated as equivalent to beneficial share ownership.

Under the Supplemental Rights Plan Brookfield’s Hostile Bid is a permitted bid. The Supplemental Rights plan only prevents a person, including Brookfield, from acquiring an economic interest in Inter Pipeline of 20% or greater through share purchases or derivative transactions outside of a permitted bid.  This is a common provision in most US Shareholder Rights Plans, but is a loophole that remains open in Canadian Shareholder Rights Plans.  This technical change in no way prevents any prospective buyer, including Brookfield, from making a bid for the Company.

In February, Brookfield disclosed that it owns an economic interest in Inter Pipeline totaling 19.65%, consisting of 9.75% common share ownership and the remaining 9.9% in the form of cash-settled total return swaps.

This threshold is typical in most Canadian Shareholder Rights Plans as it aligns with the level of ownership at which securities laws require a person seeking to acquire control of a company to make a formal offer to all shareholders. The common intention is to ensure that ALL shareholders are treated fairly in an acquisition of the company and provide the Board with the opportunity to pursue alternatives to maximize shareholder value for ALL shareholders. Maximizing shareholder value can only be achieved by allowing Inter Pipeline to conduct an orderly review of strategic alternatives of the Company, providing all potential counterparties an equal opportunity to successfully complete a transaction.

No, as the news release clearly states, the Supplemental Rights Plan  is not intended to deter Brookfield from pursuing its hostile bid, nor any other counterparty from making a bid for Inter Pipeline. The Supplemental Rights Plan is only focused on creating a fair and even playing field for all parties who may be interested in pursuing a transaction with Inter Pipeline.

Shareholders other than Brookfield would have the right to purchase additional common shares at a 75% discount to the prevailing market price. Brookfield would not have this right, and as a result its economic interest in Inter Pipeline would be substantially diluted.

The acquisition by Brookfield of an economic interest of 20% or more through total return swaps or additional share purchases would trigger the Supplemental Rights Plan. However, we believe Brookfield is unlikely to trigger the Supplemental Rights Plan. Nobody in Canada has ever purposely triggered a rights plan because of the significant negative economic ramifications to the triggering person of doing so.


Contact Inter Pipeline’s Information Agent

Kingsdale Advisors
Tel: 1-877-659-1820 (toll-free in North America)
Tel: 416-867-2272 (for collect calls outside North America)

Investor Relations

Jeremy Roberge
Vice President, Finance and Investor Relations
Tel: 403-290-6015 or 1-866-716-7473

Media Relations

Breanne Oliver
Company Spokesperson
Tel: 587-475-1118 or 1-866-716-7473

Stay up to date

Follow Inter Pipeline’s Twitter and LinkedIn accounts to stay up to date on the latest news. Use and follow the hashtag #NoThanksBrookfield