(Reuters) - Brookfield Infrastructure Partners LP has received 65.6% shares of Inter Pipeline Ltd (IPL) in its takeover bid for the Canada-based pipeline operator, it said on Friday.
The move brings to an end a five-month bidding war for the Canadian firm, as the tendered shares exceed the minimum level of 55% of shares not already owned or controlled by Brookfield.
Brookfield said it will now own 68.9% shares of Inter Pipeline, which it intends to take private.
Inter Pipeline had recommended that its investors accept Brookfield's revised C$8.58-billion ($6.69 billion) offer of cash or shares after walking away from a deal with rival Pembina Pipeline Corp.
The infrastructure fund and Pembina were bidding for Inter amid a rebound in oil prices and energy stocks from last year's pandemic downturn.
Brookfield's revised offer gives IPL shareholders either cash of C$20 a share or 0.25 of a Brookfield Infrastructure share.
Bloomberg news had first reported https://bloom.bg/3D3UGDA that Brookfield secured sufficient backing from IPL shareholders to push ahead with the offer.
($1=1.2821 Canadian dollars)
(Reporting by Aishwarya Nair and Anirudh Saligrama in Bengaluru and Rod Nickel in Winnipeg; Editing by Devika Syamnath and Clarence Fernandez)