By Kevin McCauley
Abernathy MacGregor Group is guiding Plains All American Pipeline's $1.2B hostile takeover bid for SemGroup, which is the latest proposed deal in the consolidating energy sector.
PAAP CEO Greg Armstrong says the $24 per-share bid represents a 16 percent premium to what SemGroup shares traded for prior to the Houston-based company's Oct. 5 offer.
He believes SemGroup's assets and businesses have underperformed since the company emerged from Chapter XI in November 2009.
Joele Frank, Wilkinson Brimmer Katcher provides PR counsel for SemGroup, which rejects the PAAP offer as an “opportunistic” proposal that undervalues the future prospects of the Tulsa-based operation.
JFWBF's James Golden and Aaron Palash work the SemGroup defense. AMG, which is part of Havas, has Tom Johnson and Chuck Burgess playing offense for PAAP.
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