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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Teppco Partners, L.P. | NYSE:TPP | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 36.27 | 0.00 | 01:00:00 |
From Jul 2019 to Jul 2024
Energy company Enterprise Products Partners LP (EPD) Wednesday made public its proposal to acquire all of the outstanding partnership units of Teppco Partners LP(TPP). Teppco said it has rejected the offer.
Enterprise and Teppco are both master limited partnerships, or MLPs, a kind of publicly traded company owned by partners that are liable only up to the amount they have invested in the business. Houston-based Enterprise owns natural-gas and crude-oil pipelines, processing plants and storage facilities. Teppco, also based in Houston, owns gas, oil and refined-petroleum pipelines.
Enterprise is offering to buy all of Teppco's outstanding partnership interests for about $105 million in cash, a premium of about 4.8% based on the 10-day average closing prices of Teppco and Enterprise common units on March 6, the day before Enterprise made the proposal to Teppco. A common unit represents a limited partner interest in an MLP.
A special committee formed by Teppco's general partner - Texas Eastern Products Pipeline Co., the company that manages Teppco - "has unanimously concluded that it does not support the proposal as it now stands and has advised Enterprise of its decision," Teppco said in a statement.
Teppco said it's willing to consider a revised offer from Enterprise, however.
Enterprise and Teppco already have a relationship. Texas Eastern Products Pipeline Co. is controlled by Enterprise GP Holdings LP (EPE), which owns Enterprise Products Partners' general partner. EPE owns 4.2% of Teppco's outstanding units and about 3% of Enterprise's outstanding units.
The companies said they won't comment further on acquisition discussions unless a definitive agreement is reached.
-By Christine Buurma, Dow Jones Newswires; 201-938-2061; christine.buurma@dowjones.com
Order free Annual Report for Enterprise Products Partners L.P
Visit http://djnewswires.ar.wilink.com/?link=EPD or call 1-888-301-0513
Order free Annual Report for Enterprise GP Holdings
Visit http://djnewswires.ar.wilink.com/?link=EPE or call 1-888-301-0513
Order free Annual Report for Teppco Partners L.P.
Visit http://djnewswires.ar.wilink.com/?link=TPP or call 1-888-301-0513
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