CALGARY, ALBERTA--(Marketwired - Aug. 11, 2016) - Gibson Energy Inc. ("Gibsons" or the "Company"), (TSX:GEI), today provided comment on a media report concerning an alleged offer to acquire the Company. Gibsons confirms that it received a non-binding, highly conditional proposal for discussion, from an unknown, unidentifiable foreign entity whose principals insisted on anonymity.
"Despite these factors, Gibson's Board of Directors seriously considered the proposal and retained independent legal and financial advisors to assist it in careful deliberations of the merits of the proposal and the opportunity potentially represented by it, having regard to the best interests of the Company and its stakeholders," said James M. Estey, Chairman of the Board of Directors. "Based on that advice and other input, the Board unanimously concluded that the proposal represented inadequate value to shareholders and was not in the Company's best interests to pursue. The Board reached this conclusion as to the proposal's merits, without regard to the extreme conditionality of the proposal and inability to identify the proponent. This determination was privately conveyed to the interested party."
Other than the previously announced initiation of a process to divest its Industrial Propane business, Gibsons is not seeking expressions of interest for its business. The Company is focused on executing its strategy to create long-term, sustainable value for shareholders.
Gibsons is a Canadian-based midstream energy company with operations in most of the key hydrocarbon-rich basins in North America. For over 60 years, Gibsons has delivered integrated midstream solutions to customers in the oil and gas industry. With headquarters in Calgary, Alberta, the Company's North American operations include the storage, blending, processing, transportation, marketing and distribution of crude oil, liquids and refined products. The Company also provides oilfield waste and water management services. Gibsons is the second largest industrial propane distribution company in Canada operating under the Canwest Propane and Stittco Energy brands.
Gibson Energy Inc. shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsons.com.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements") including, but not limited to, statements concerning management's expectation with respect to the Company's business and financial prospects. These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements.
The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In addition, this news release may contain forward-looking statements and forward-looking information attributed to third party industry sources. The Company does not undertake any obligations to publicly update or revise any forward looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in "Forward-Looking Statements" and "Risk Factors" included in the Company's Annual Information Form dated March 1, 2016 as filed on SEDAR and available on the Gibsons website at www.gibsons.com.