BUSINESS

Calgary-based Gibsons Energy says it rejected foreign takeover offer

The Canadian Press Published Thursday, August 11, 2016 2:59PM EDT

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CALGARY -- Gibsons Energy says it has rejected a takeover offer from a foreign entity it declined to identify.

The Calgary-based oil and gas company said in a news release Thursday that it received a non-binding, conditional proposal for discussion from an unidentifiable foreign entity that insisted on anonymity.

Gibsons (TSX:GEI) said it seriously considered the proposal but its board unanimously voted against it, concluding it did not represent adequate value to shareholders and was not in the company's best interest.

The Financial Post reported Wednesday that Gibsons had received a $2.8-billion offer from a Singapore-based private equity firm.

Gibsons said it continues to look to sell the industrial propane segment of its business, but it otherwise is not seeking out expressions of interest for its operations.