From the San Antonio Business Journal
Stockholders of both Tesoro Corp. (ticker: TSO) and Western Refining Inc. (ticker: WNR) voted to approve Tesoro’s acquisition of and merger with Western.
At separate stockholder meetings, Tesoro stockholders approved issuing common stock for the deal while stockholders of Western Refining approved the adoption of the acquisition agreement and plan of merger.
Tesoro stockholders voted 99 percent in favor of the deal while Western stockholders voted approximately 80 percent in favor.
“We are pleased that stockholders of both Tesoro and Western Refining voted overwhelmingly in favor of the transaction,” Tesoro CEO Greg Goff said in a statement. “The acquisition of Western Refining at this attractive price and the expected delivery of $350-425 million in synergies will create a premier, highly integrated and geographically diversified refining, marketing and logistics company that we believe will generate substantial shareholder value.”
Tesoro first announced plans in November to buy Western Refining as part of a $6.4 billion deal. Tesoro has offered to pay Western Refining stockholders $37.30 per share or issue 0.435 shares of Tesoro common stock for each share of Western stock.
Despite stockholders lawsuits and delays by federal regulators but Tesoro expects the merger to close during the first half of 2017.
The deal requires final approval from the Federal Trade Commission. If approved, Tesoro is expected to have a refining capacity to process more than 1 million barrels of crude oil per day and will own more than 2,700 retail outlets for its fuel products.
