Plains All American (PAA +1.8%) defends its takeover bid of rival SemGroup (SEMG) saying a...

|About: Plains All American Pipel... (PAA)|By:, SA News Editor

Plains All American (PAA +1.8%) defends its takeover bid of rival SemGroup (SEMG) saying a merger will deliver greater value to shareholders than any of the company's other alternatives and create "significant value for synergies". Shares of SemGroup are up 17.4%. Updated 3:41 p.m.: SemGroup confirms it is rejecting Plains' offer.