TransCanada Pipelines dropped its bid for Hiram.

The company withdrew its $2.98-billion bid for Hiram Walker Resources, but it left open the possibility of making another attempt to acquire the distilled spirits and energy concern. In a brief statement, TransCanada Pipelines said it decided not to proceed with its offer in light of Gulf Canada’s increasing its competing bid to $3.1 billion. But Gerry Maier, president and chief executive of TransCanada, said his firm is reviewing its options.