TexStar is a gatherer and processor in Eagle Ford. It's owned by EIG Global Energy and Tailwater Capital. Teak (recently acquired by APL) and TexStar own a JV company together. TexStar is reportedly larger than Teak and Teak went for $1.0 B. I imagine the Cohen's mouth's are watering to get control of TexStar given the scale economies in the Eagle Ford. I don't know how they could pull it off given the debt levels now at APL. They would have to use more equity than normal to get a deal done. More equity could mean a possible dilutive deal near-term but accretive longer term. Reportedly, Evercore is the banker and they hope to have bids in by end of August.
Don't rule out either the DCP Enterprise or MarkWEst outbidding APL on this one. The DCP Team is the biggest producer of natural gas liquids in the USA and is very large in the Eagle Ford area already and MarkWest (MWE), the big hitter in the Marcellus/Utica, just entered the Eagle Ford in a small way...MWE also is part of a JV with APL in Oklahoma.