Brookfield Infrastructure Partners has submitted an unsolicited takeover offer for Canada’s Inter Pipeline, a major petroleum transportation and natural gas liquids processing business based in Calgary, Alberta.
According to Reuters, Brookfield recently acquired 19.65 percent economic interest in Inter Pipeline, making it the top shareholder in the company.
In a statement addressing the bid, Inter Pipeline said it previously received unsolicited, non-binding and conditional proposals from Brookfield in the range of C$17 ($13) to C$18.25 ($14.37) per share. This values the company at more than C$7 billion ($5.5 billion), according to Reuters.
Inter Pipeline said that, following a comprehensive assessment of the conditional proposals, the company’s board found that the proposal did not reflect the intrinsic value of the company and wer