Brookfield Infrastructure Partners has received shareholder backing for its takeover offer of $6.7bn (C$8.6bn) for Canada-based Inter Pipeline (IPL).

Shareholders of Inter Pipeline agreed to tender 65.6% of the common stock that are not already held by Brookfield Infrastructure.

Brookfield Infrastructure already owns a 19.65% stake in Inter Pipeline.

The move puts an end to an approximately six-month-long bidding war between Brookfield and Pembina Pipeline for the Canadian pipeline company, amid a rebound in oil prices and a boost in energy stocks following the pandemic downturn.

Brookfield said it has extended its offer for additional IPL common shares to 3 September 2021 and filed a mandatory extension to allow remaining shareholders to tender.

Subsequently, the firm will own 68.9% of outstanding common shares in IPL.

Upon completion of the mandatory extension period, Brookfield intends to pursue IPL privatisation.

In a press statement Brookfield Infrastructure said: “We are excited by the strong take-up and, following the mandatory extension period, we intend to pursue a possible Subsequent Acquisition Transaction (as such term is used in the offer) to acquire any remaining shares that are not tendered within the mandatory extension period.”

Following Brookfield’s revised offer of cash or shares in July 2021, Inter Pipeline had recommended its investors accept the offer, and exit a deal with rival Pembina Pipeline.

The revised offer from Brookfield gives either cash of $14.2 (C$20) a share or 0.25 of a Brookfield Infrastructure shares for IPL shareholders.

The offer valued Inter at $16.5 (C$21.23) per share, a premium of $1.19 (C$1.53) or 8% compared with Pembina Pipeline’s offer of $15.36 (C$19.70) per share as of 14 July 2021.