By Adriano Marchese

Brookfield Infrastructure Partners LP has filed for a third extension for its revised offer to acquire Inter Pipeline Ltd. and said it is considering a further revision to the offer after an Alberta regulator dismissed its other application to terminate plan of arrangement between Inter Pipeline and Pembina Pipeline Corp.

The owner and operator of critical and diverse infrastructure said Tuesday that it filed a third notice of variation and extension regarding its offer for Inter Pipeline, and the revised offer will remain open until Aug. 6.

In mid-June, Brookfield sent a revised offer which included the ability for Inter Pipeline shareholders to receive a 100% cash consideration totaling 19.50 Canadian dollars (US$15.66) a share.

Late on Monday, Pembina Pipeline said that the Alberta Securities Commission had dismissed an application by Brookfield to terminate its plan of arrangement with Inter Pipeline.

Pembina, a Canadian energy transportation and storage infrastructure operator, said the dismissed application sought to force an end of trade or terminate both the proposed acquisition by Pembina of all of the Inter Pipeline shares as well as to restrain a C$350 million break fee payment to Pembina from Inter Pipeline.

However, as a result of the ASC decision, Brookfield will be barred from acquiring or controlling over 20% of Inter Pipeline shares until after the conclusion of the Inter Pipeline's shareholder meeting on July 29 to consider the plan of arrangement with Pembina.

In early June, Pembina said it agreed to acquire all of the issued and outstanding shares of Inter Pipeline in a share-for-share deal, which values Inter Pipeline's common shares at about C$8.3 billion, or C$19.45 a share, based on Pembina's closing price on May 31.

The Inter Pipeline board has unanimously recommended its shareholders support the Pembina arrangement, while Brookfield accuses it of "improper defensive tactics."

"Although Brookfield Infrastructure disagrees with aspects of the decision, it intends to revise the offer to comply with the terms of the decision. Notwithstanding that there has been no reduction in the break fee, Brookfield Infrastructure is considering further enhancements to the offer," Brookfield said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

07-13-21 0824ET