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Eagle Rock Energy Partners, L.P Message Board

  • skepticalnewtrader skepticalnewtrader Oct 26, 2009 10:01 AM Flag

    Revised Blackstone offer

    October 26, 2009 09:35 AM Eastern Daylight Time
    Black Stone Minerals Ups Offer for Eagle Rock Energy Partners LP and Removes Contingencies to Global Solution

    HOUSTON--(BUSINESS WIRE)--On October 26, 2009, Black Stone Minerals Company, L.P. headquartered in Houston, Texas, and certain co-investors including the LeFrak Organization, made a proposal to the Board of Eagle Rock Energy Partners, L.P. to purchase Eagle Rock’s Minerals Business for $157.5 million and to provide a $60 million equity investment commitment to support a proposed public offering by Eagle Rock of common units at $3.50 per unit. Black Stone’s previous offer included an equity investment commitment at $3.40 per unit with a requirement that a mutually agreeable arrangement be reached in order to extinguish the Subordinated Units and Incentive Distribution Rights currently owned by Natural Gas Partners, among other terms. In Black Stone’s new offer, the price per unit is increased and all contingencies are removed. There are no fees associated with Black Stone’s proposal and it is not contingent upon obtaining financing.

    Black Stone is the largest private fee mineral owner in the United States, manages the largest asset in Eagle Rock’s Mineral Business and holds the executive rights to those assets. Black Stone believes that this offer is superior to any offer that has previously been made public.

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