Gibson Energy rejects a $2.8 billion deal

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Gibson Energy Inc. rejected a $2.8 billion offer of a Singapore-based private equity firm, which was eager to take control of the company for $19.94 per share. The Financial Times reminds that Gibsons has announced seeking for an investor to buy one of its affiliates but was not going to sell the whole enterprise.

The Financial Times has also obtained a copy of a letter sent by Gibsons chairman James Estey to Asia Pacific Private Equity managing director Andrew Stewart on August, 2, rejecting the offer of $19.94 per share. Estey specified that such a price “is not in the best interest of Gibsons”. He also added that “now is not an opportune time to pursue a sale of control of the corporation.”

Gibson Energy Inc. owns pipelines and oil storage terminals, an oilfield trucking division and an environmental services division. Last week the company issued a report where it showed that second-quarter earnings got lower than it was expected. In July Gibsons announced seeking for an investor for its industrial propane business but was not going to sell the whole company.