Plains renews $24/share takeover bid for SemGroup

摘要

Houston-Although shares of takeover target SemGroup have continued to trade at a level 16% above a bid of $24/share, Plains All American Pipeline renewed its rejected offer November 16 citing SemGroup's third-quarter results as evidence of fair value. The acquisitive Houston-based pipeline operator also warned Tulsa-based SemGroup that proceeding with the planned initial public offering on its Rose Rock Midstream unit could reduce its acquisition value. SemGroup had no immediate response to the latest communication from Plains All American.