Something is up...I just bailed at $23.05 & moving on...That means you guys will be at $ 27 later today...Good luck
looks like $ 21.75 plus the .31 distribution assuming we don't get screwed out of that.. So essentially $ 22.06
When was the last time you heard of a buyout for less than the closing price? Perplexing. I have had one co buyout another with their shares which declined because of a buyout so by default I lost out. Who the heck knows..
Western Refining Inc. WNR +2.03% is planning to buy a controlling stake in Northern Tier Energy NTI +2.60% LP, said people familiar with the matter, as it seeks to capitalize on a rise in U.S. oil production.
Western Refining, based in El Paso, Texas, would buy a 38.7% stake in Northern Tier owned by private-equity firms TPG and Acon Investments Ltd. for roughly $775 million, the people said. As part of the deal, Western Refining would get 100% of the so-called general partner that controls Northern Tier, they said.
Assuming it doesn't fall apart at the last minute, the deal could be announced Tuesday, the people said.
It is unclear how much Western Refining is paying per ownership unit, or share, but it appears to be a discount to the current market price of Northern Tier, which is based in Ridgefield, Conn. Northern Tier rose 2.6% to $23.26 in New York Stock Exchange trading Monday.
Buying Northern Tier would hand Western Refining a St. Paul Park, Minn., refinery located near the prolific Bakken Shale deposit in North Dakota. Increased production there and elsewhere has put downward pressure on U.S. oil prices, in turn increasing margins for local refiners—who buy crude and turn it into products such as gasoline. Western Refining also owns facilities near the Permian Basin in Texas and New Mexico.
Northern Tier is structured as a so-called master-limited partnership, a dividend-paying investment vehicle that enjoys special tax breaks and is often used by natural-resource companies.
The company also operates a chain of gasoline stations in Minnesota and Wisconsin. TPG and Acon bought the company from Marathon Oil Corp. MRO -0.27% for around $600 million in 2010 and took it public in 2012.
TPG has been active in the energy sector this year, striking deals including the $3.2 billion sale of Copano Energy LLC to Kinder Morgan Energy Partners KMP -0.16% LP. Returns on energy deals for the big private-equity firm have improved of late after its disastrous megabuyout of what was then known as TXU Corp. in 2007.
TPG teamed with KKR KKR -1.50% & Co. and Goldman Sachs Group Inc. GS +0.41% 's private-equity arm to buy TXU, now called Energy Future Holdings Corp., for $32 billion and about $13 billion in assumed debt. Falling natural-gas prices caused the Dallas-based power company to bleed cash and it is now negotiating with creditors on plans for a bankruptcy-protection filing
The only thing I can figure is that they need to raise cash so instead of raising more $ they get taken over at a lower price. Pure insanity. Hope this report is wrong but it is coming from the WSJ so I am guessing it is true.
Can this be true? If so this is outrageous.. Spreads are widening...Too early
#$%$ is going on?
gogspm4ever -Go back to playing with yourself instead of spewing your useless #$%$ here...If you don't like this stock... state your case with details and move on. In the meantime these guys are creating a platform that will compete with QIHOO and BIDU in addition to growing their base business.
Very weak the last two days but we have had a big run so it is likely profit taking for now...Buying into weakness here..Top rating with IBD for earnings/profit growth. Any news? ..Don't see any