Shell Pipeline Investors Hold Out for Higher Price in Takeover
- Shell Midstream minority holders say Shell is low-balling them
- Stock trades above the February offer of $12.89 a unit
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Investors in a Shell Plc pipeline affiliate say the parent company is low-balling them with a $1.6 billion offer for the stock it doesn’t already own.
Shell said on Feb. 11 that it planned to buy the rest of Shell Midstream Partners LP for $12.89 per unit. The offer came with no takeover premium, as it matched the previous day’s closing price. It was also a far cry from the $23 at which the stock first started trading in 2014.