Pipeline Co. Withdraws $1B Bid For Rival SemGroup

Law360, New York (April 17, 2012, 3:35 PM EDT) -- Plains All American Pipeline LP has withdrawn its roughly $1 billion cash offer for rival SemGroup, months after the smaller energy company repeatedly rejected the proposed deal, Plains said Tuesday.

The move formally closes the unsolicited sale inquiry, which never came close to materializing despite Plains' multiple attempts to sway SemGroup leadership into signing off on a deal that would allow it to snatch up shares at $24 a pop.

The deal would have bolstered the Houston-based crude oil and gas company's presence in Cushing, Okla.,...
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