Plains All American Lobs $750M Stock Offer At Shareholders

Law360, New York (August 28, 2013, 6:37 PM EDT) -- Plains All American Pipeline LP offered to buy out public shareholders in its own listed subsidiary late Tuesday in a stock swap valued at about $750 million, becoming the latest oil and gas company to do so.

Plains is offering 0.435 shares of its own stock for each unit of Houston-based PAA Natural Gas Storage LP it does not already own. Based on Plains' recent stock price, that shakes out to $22.74 per share. Plains already controls 46 percent of the partnership, which was formed in...
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