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UPDATE 1-Inter Pipeline says Brookfield's offer below fair value

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(Adds details on offer, background)

Feb 11 (Reuters) - Canada's Inter Pipeline Ltd saidon Thursday that an unsolicited offer of up to C$18.25 ($14.41)per share from Brookfield Infrastructure Partners did notreflect the true value of the company.

Brookfield, a company that acquires and managesinfrastructure assets, offered C$16.50 per share on Wednesday, a23% premium to the stock's prior closing price, and said it waswilling to raise it to as much as C$18.25 if the pipelineoperator gave it access to due diligence.

At the top price, the offer would value Inter's equity atC$7.8 billion. Inter said that was not sufficient for thecompany to enter into exclusive talks with the infrastructurefirm.

The pipeline operator said Brookfield has not made a formaloffer yet and if it does, the company's board will review withadvisors and recommend shareholders about accepting or rejectingit.($1 = 1.2669 Canadian dollars)(Reporting by Shariq Khan in Bengaluru; Editing by Arun Koyyur)