NGL Energy Partners LP and TransMontaigne Partners LP (TLP) announced Aug. 15 that the companies ended talks dealing with NGL's proposed acquisition of Denver's TLP due to the inability to settle on a price.
NGL’s non-binding proposal, announced on July 10, was to acquire the outstanding common units of TLP for $200 million on a debt free basis. Tulsa, Okla.-based NGL currently owns TransMontaigne GP LLC, the general partner of TLP, and about 19.7% of the outstanding common units of TLP.
The conflicts committee of TransMontaigne GP's board reviewed the terms of NGL’s non-binding proposal and its independent advisors held several discussions with NGL’s representatives over the last month. The parties determined that they will not be able to reach an agreement on the price to be offered to TLP unitholders at this time, and therefore, the conflicts committee and NGL decided to terminate their discussions regarding NGL’s non-binding proposal.
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