Natural Gas Storage receives buyout proposal from Plains All American Pipeline (PAA); proposed consideration represents a value per PNG common unit of $22.74 : Co announced that the independent directors of the board of directors of PNG's general partner received a proposal from Plains All American Pipeline, L.P. (NYSE: PAA), whereby PAA would acquire all of PNG's outstanding publicly held common units through a unit-for-unit exchange. PAA is proposing consideration of 0.435 common units of PAA for each issued and outstanding publicly held PNG common unit in a transaction that would be structured as a merger of PNG with a wholly owned subsidiary of PAA. The proposed consideration represents a value per PNG common unit of $22.74 based on the trailing 10-day average closing price of PAA's common units through August 26, 2013.
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I see oil futures have NYMEX oil just below $110, at $109.70.
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