Higher Bid for TransMontaigne
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TransMontaigne(TMG Quote), an oil and gas supply-chain company, on Friday accepted SemGroup's $10.75-a-share takeover offer, as a bidding battle with Morgan Stanley(MS Quote) continues to drive up the price.
TransMontaigne has been at the center of bidding between privately held oil-transportation firm SemGroup and Wall Street brokerage Morgan Stanley since late March, when Morgan Stanley offered $8.50 a share for the company. A week later, SemGroup offered $9.75. TransMontaigne, a company with oil-storage tanks along the Mississippi, is viewed as an oil and real estate investment, and the value of the company has spiked as oil prices rise.
SemGroup's $10.75-per-share offer is a dollar higher than its original offer for the company. Earlier this week, TransMontaigne said that it was prepared to accept Morgan Stanley's $10.50-per-share offer, which came two weeks ago. ...
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