CALGARY -- Inter Pipeline Ltd. is urging shareholders to take no action with regard to a hostile takeover bid formalized Monday by Brookfield Infrastructure Partners LP.

In a news release, the Calgary-based company reminded investors that it has launched a strategic review process, which could include a corporate sale, while it is continuing to seek a partner for its $4-billion Heartland Petrochemical Complex northeast of Edmonton, expected to open in 2022.

On Monday, Brookfield Infrastructure said its offer to acquire the stake in Inter Pipeline it doesn't already own has been filed with Canadian securities regulators, the action coming nearly two weeks after its initial public expression of interest was rebuffed.

Brookfield Infrastructure is offering $16.50 per share in cash or 0.206 of a Brookfield Infrastructure Corp. class A exchangeable share, with the maximum cash available set at $4.9 billion. The offer which expires on June 7 implies a value for Inter Pipeline of $7.1 billion.

Brookfield said it had previously discussed prices with Inter Pipeline "in the range of $17 to $18.25" per share but would need to study its books to "substantiate" its growth potential and commercialization objectives for the Heartland complex before increasing its offer.

Last week, Inter Pipeline CEO Christian Bayle said the company would release details on Heartland's contracts and earnings potential before its first quarter 2021 reporting date.

"Inter Pipeline is a high-quality energy infrastructure business with a diversified asset portfolio that generates long-term predictable cash flows, all of which understandably make it attractive," Margaret McKenzie, chair of the board committee conducting Inter Pipeline's review, said Tuesday.

"It is the board's duty to not only review this offer, but to pursue all available opportunities to unlock maximum value for our shareholders."