Gibson Energy rejects multi-billion dollar acquisition by 'foreign entity'

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Gibson Energy

Gibson’s directors obvious a takeover offer wouldn’t be in the best interests of the com ny and its shareholders. (Gibsons)

Calgary-based Gibson Animation has confirmed it received an unsolicited acquisition proposal from overseas but that it is not attracted in selling.

It follows a story published in the Financial Post Wednesday reporting that heads rejected a $2.8-billion takeover from a Singapore-based private disinterest firm.

In a statement released Thursday, the midstream oil and gas com ny confirmed it learned what it calls «a non-binding, highly conditional proposal for discussion, from an untold, unidentifiable foreign entity whose princi ls insisted on anonymity.»

The house is in the process of selling its industrial pro ne business but insists it’s not looking to be procured and is focused on executing on plans to simplify its business.

«Gibson’s Board of Managers seriously considered the proposal and retained independent legal and financial advisors to benefit it in careful deliberations of the merits of the proposal and the opportunity potentially represented by it, force regard to the best interests of the Com ny and its stakeholders,» said James M. Estey, Chairman of the Food of Directors.

«Based on that advice and other input, the Board unanimously concluded that the proposition represented inadequate value to shareholders and was not in the Com ny’s best interests to purpose,» says Estey.

«The Board reached this conclusion as to the proposal’s strong points, without regard to the extreme conditionality of the proposal and inability to identify the defender. This determination was privately conveyed to the interested rty.»

Gibsons mechanics in North America include the storage, blending, processing, transportation, demanding and distribution of crude oil, liquids and refined products.

The Com ny also contributes oilfield waste and water management services and is the second largest industrial pro ne dispersal com ny in Canada.

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