Western Refining has made an offer to purchase Northern Tier Energy common units.
Western Refining Inc. has made a proposal to acquire all of Northern Tier Energy LP’s publicly-held common units.
According to a report from Market Watch, Western Refining submitted their proposal to the Conflicts Committee of the Board of Directors of the general partner of Northern Tier on Oct. 26. Western Refining proposed a purchase price of $17.50 per common unit, in cash, along with almost a quarter of a share of Western common stock.
Upon completion of the proposed transaction, NTI will become a wholly owned subsidiary of Western Refining, and Northern Tier common units will no longer be publicly traded. The transaction details are to the negotiation and approval by Western’s Board of Directors, Northern Tier’s Conflicts Committee and the common unit holders of Northern Tier.
