Shares of Ipsco Inc.(NYSE: IPS), the second largest U.S. steel pipe maker for energy explorers, confirmed on Thursday that it is currently in discussions that could lead to a potential acquisition of the company.
Commenting on market rumors and the recent appreciation of its stock, the company added that there could be no assurance that a transaction could take place, or as to the timing, structure or terms of such a deal.
Among the suitors for the firm is Russiaâ€™s Evraz Group SA, according to the Globe and Mail. The firm approached Ipsco about two months ago, prompting the board to hire Goldman Sachs Group, Inc. (NYSE: GS) as an adviser to set up a wider auction, the paper said citing people familiar with the situation.
Shares of the Lisle, Ill.-based firm jumped on the news, Shares of the firm rose $15.06, or 11.5 percent, to close at $145.96 on the New York Stock Exchange.