NEW YORK — Coastal Corp. said Friday night that it will begin an unfriendly takeover attempt of American Natural Resources Co. on Monday in a deal that would be worth about $3.2 billion.
Coastal, a Houston-based energy company, said it would make a tender offer of $60 a share for each of American Natural Resource's 37.8 million shares.
The company, in a statement, said the offer will begin Monday and would not be conditioned on any minimum number of shares being tendered.
The announcement confirmed rumors recently on Wall Street that Coastal was eyeing one of several natural gas pipeline companies.
Apparently expecting the worst, American Natural Resources said Thursday that it was spinning off its oil and gas reserves into a publicly traded limited partnership. Experts on Wall Street saw this as a way to defuse a potential takeover threat.