TransMontaigne Partners L.P. Receives Buyout Offer from ArcLight
TransMontaigne Partners L.P. (NYSE:TLP) (the "Partnership") announced
today that the Board of Directors of TransMontaigne GP L.L.C. (the "GP
Board") has received a non-binding proposal from affiliates of ArcLight
Energy Partners Fund VI, L.P. ("ArcLight"), directed to the Conflicts
Committee (the "Conflicts Committee") of independent directors of the GP
Board, pursuant to which ArcLight would acquire through a subsidiary all
common units of the Partnership that ArcLight and its affiliates do not
already own in exchange for $38.00 per common unit. If approved, the
transaction would be effected through a merger of the Partnership with a
subsidiary of ArcLight.
The proposed transaction is subject to a number of contingencies,
including ArcLight’s completion of due diligence, the approval of the
Conflicts Committee, the approval by holders of a majority of the
outstanding common units of the Partnership and the satisfaction of any
conditions to the consummation of a transaction set forth in any
definitive agreement concerning the transaction. There can be no
assurance that definitive documentation will be executed or that any
transaction will materialize.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements. Although the Partnership believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risks and
uncertainties pertaining to timing and completion of the transaction. A
number of factors could cause actual results to differ materially from
the Partnership’s expectations. See “Item 1A. Risk Factors” in the
Partnership’s Annual Report on Form 10-K for the year ended December 31,
2017, filed with the Securities and Exchange Commission on March 15,
2018. Except as required by law, the Partnership undertakes no
obligation to publicly update or revise any forward-looking statements.
About TransMontaigne Partners L.P.
TransMontaigne Partners L.P. is a terminaling and transportation company
based in Denver, Colorado with operations in the United States along the
Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the
Mississippi and Ohio Rivers, in the Southeast and on the West Coast. We
provide integrated terminaling, storage, transportation and related
services for customers engaged in the distribution and marketing of
light refined petroleum products, heavy refined petroleum products,
crude oil, chemicals, fertilizers and other liquid products. Light
refined products include gasolines, diesel fuels, heating oil and jet
fuels, and heavy refined products include residual fuel oils and
asphalt. We do not purchase or market products that we handle or
transport. News and additional information about TransMontaigne Partners
L.P. is available on our website: www.transmontaignepartners.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180711005592/en/
Copyright Business Wire 2018
Source: Business Wire
(July 11, 2018 - 11:19 AM EDT)
News by QuoteMedia
www.quotemedia.com