A Black Knight lurks" On July 26, 2023, Pipestone received an unsolicited non-binding proposal (the "Party D Proposal") from Party D which provided for a highly conditional offer to acquire all of the issued and outstanding Pipestone Shares for a combination of cash and shares of Party D. As the Letter of Intent prohibited Pipestone from engaging in any discussions with respect to alternate transactions, Pipestone did not engage in any discussions with Party D in reliance on legal advice from MT "
But according to the terms of the Strathcona "deal":
" Superior Proposals: Under the Arrangement Agreement, until the time that the Arrangement Resolution is approved, the Pipestone Board retains the ability to consider and respond to Superior Proposals on the specific terms and conditions set forth in the Arrangement Agreement "
It ain't over till its over.