Brookfield Infrastructure Partners said on Feb. 22 it formally launched its hostile bid to buy Inter Pipeline Ltd., weeks after the Canadian oil and gas transportation company rejected its unsolicited offer as inadequate.

Brookfield, which acquires and manages infrastructure assets, is offering CA$16.50 per share for Inter Pipeline, valuing the company at CA$7.08 billion (US$5.62 billion).

Earlier this month, Brookfield said it was willing to raise its offer to as much as CA$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.

The investment firm earlier this month also said it had acquired 19.65% economic interest in Inter Pipeline, to become the top shareholder in Calgary, Alberta-based Inter Pipeline.

Brookfield said on Feb. 22 other shareholders now have until June 7 to accept its offer at the original CA$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 NGL processing plants, said on Feb. 18 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 Capital Canada Inc. to act as joint financial advisers.

(US$1 = 1.2599 Canadian dollars)