By Adriano Marchese

The board of directors of Inter Pipeline Ltd. urged its shareholders Monday to reject a revised offer from Brookfield Infrastructure Partners LP.

The petroleum transportation and infrastructure company said that it continues to recommend the strategic share-exchange transaction with Pembina Pipeline Corp.

On Friday, Brookfield had said its revised offer will include the ability for Inter Pipeline shareholders to receive a 100% cash consideration totaling 19.50 Canadian dollars (US$15.64) a share.

"Brookfield's latest bid variation, the removal of its cash proration condition, does not change our view that the Pembina arrangement remains the superior proposal and is in the best interests of Inter Pipeline and its shareholders," said Margaret McKenzie, Inter Pipeline's board chairman.

Ms. McKenzie said the board continues to believe that the arrangement with Pembina provides greater value to its shareholders underpinned by synergies, a strong dividend profile and future investment opportunities.

In early June, Pembina Pipeline 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.

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

(END) Dow Jones Newswires

06-21-21 0804ET