As you can see by today's Press Release, the deal to make a 1:1 trade of NGL for TLP units, that we have only recently found out about, is now off the table. And for the life of me, I can't believe that NGL didn't have an agreement in place prior to the acquisition of the GP. Keep in mind that TLP was at $50/unit while NGL was at $40/unit when this all began. And what have we seen happen since NGL has gotten involved with TLP? How about a HUGE drop in TLP Unit prices. Pull up the charts and compare the NGL and TLP unit prices back in early June. The original GP acquisition was made the 1st week of June. And gee, by complete and unmitigated COINCIDENCE, NGL has gone up 8% in price per unit while TLP has dropped 8% in unit price. That's when you know, "THE FIX IS IN".
Frankly, I can only believe that so much hell was raised over the attempted acquisition of TLP units, by TLP Unit holders, as TLP unit prices dropped, that NGL got "scared straight". I'd like to see the SEC investigate this whole situation, but since NGL has now put their tail between their legs and crawled back under their rock, nothing will happen. It appears to me that NGL thought they were going to pull a fast one, and bend TLP over the nearest chair. Glad to see it worked out this way even though I'm a little disgusted that NGL still owns the GP. TLP Unit holders will be keeping a very close eye on how things go forward with the GP.
you're right the takeunder didn't work. NGL could have offered $50 and would still have been accreative oh surface...TLP has excellent coverage and BOSTCO still isn't finished adding..I didn't want NGL stock anyway and hope a 3rd party emerges.