Plains All American Pipeline withdraws proposal to acquire SemGroup

Source: Plains All American Pipeline, L.P.

Plains All American Pipeline withdraws proposal to acquire SemGroup Plains All American Pipeline, L.P. (NYSE:PAA) announced that it has communicated to the management and Board of SemGroup that PAA has withdrawn its October 2011 proposal to acquire 100% of the issued and outstanding shares of Class A and Class B common stock of SemGroup Corporation (NYSE:SEMG) for $24.00 per share in cash.

A Partnership spokesperson stated that PAA did not intend to provide further comment.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. 


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