Plains All American Pipeline LP has withdrawn its unsolicited October 2011 proposal to acquire pipeline operator SemGroup Corp.
No additional comment or details were available, Plains said.
In early October 2011, Plains offered to buy SemGroup for $24/share. SemGroup rejected the offer. In November 2011, Plains reiterated its offer to acquire SemGroup.
Plains first approached SemGroup in March 2010 with a $17/share offer.