A bidding war has broken out for Canadian midstream player Inter Pipeline after the company said it had agreed to sell itself to rival Pembina Pipeline. Brookfield Infrastructure Partners, which had previously submitted a hostile bid that Inter rejected due to its low valuation, said Wednesday it was raising its offer to an implied C$8.48 billion ($7.02 billion), topping Pembina's C$8.3 billion bid. Brookfield, Inter's largest shareholder, is attempting to woo other Inter investors with the higher bid and an offer that includes a 74% cash component, versus Pembina's proposed all-stock merger.
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