Feb 22 (Reuters) - Brookfield Infrastructure Partners BIP.N said on Monday it formally launched its hostile bid to buy Inter Pipeline Ltd IPL.TO , weeks after the Canadian oil and gas transportation company rejected its unsolicited offer as inadequate.
Brookfield, which acquires and manages infrastructure assets, is offering C$16.50 per share for Inter, valuing Inter at C$7.08 billion ($5.62 billion).
Earlier this month, Brookfield said it was willing to raise its offer to as much as C$18.25 per Inter share if the company had come to the negotiating table, but Inter turned it down and later launched a strategic review of options. investment firm earlier this month also said it had acquired 19.65% economic interest in Inter Pipeline, to become the top shareholder in Calgary-based Inter Pipeline. said on Monday other shareholders now have until June 7 to accept its offer at the original C$16.50 per share with an option to take that amount in cash or Brookfield's shares.
Inter Pipeline did not immediately respond to a Reuters request for comment.
Inter, whose assets include more than 7,000 km (4,300 miles) of oil pipelines, 5 million barrels of oil storage in western Canada and natural gas liquids processing plants, said on Thursday its formal review could include a possible "corporate transaction" but no decisions have been made yet.
Brookfield Infrastructure has engaged BMO Capital Markets and Barclays (LON:BARC) Capital Canada Inc to act as joint financial advisers.
($1 = 1.2599 Canadian dollars)