November 17, 2011 / 1:48 PM / in 6 years

SemGroup says Plains bid offers no basis for talks

(Reuters) - SemGroup (SEMG.N) on Thursday again rejected the unsolicited $1 billion bid from rival Plains All American Pipeline (PAA.N), saying the offer does not provide any reasonable basis to begin a discussion.

On Wednesday, Plains urged SemGroup to defer the IPO of a master limited partnership unit and reiterated its $24 a share bid.

    SemGroup had rejected the offer in October as soon as it was made public.

    SemGroup’s shares closed at $28.04 on Wednesday on the New York Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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