An investigation for investors in units of Northern Tier Energy LP (NYSE:NTI) was announced concerning whether the takeover of Northern Tier Energy LP by Western Refining, Inc for a value of approximately $28.34 per share.
Investors who purchased units of Northern Tier Energy LP (NYSE:NTI) and currently hold any of those NYSE:NTI units have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Northern Tier Energy LP breached their fiduciary duties owed to NYSE:NTI investors in connection with the proposed acquisition.
On December 21, 2015, Western Refining, Inc. (NYSE:WNR) and Northern Tier Energy LP (NYSE:NTI) announced that they have entered into a merger agreement whereby Western Refining, Inc will acquire all of Northern Tier Energy LP’s outstanding common units not already owned by Western Refining, Inc. Under the terms of the merger agreement, Northern Tier Energy LP (NYSE:NTI) unitholders will receive $15.00 in cash and 0.2986 of a share of Western Refining, Inc. (NYSE:WNR) common stock for each NYSE:NTI common unit held. Using the Western Refining, Inc. (NYSE:WNR) 20-day volume weighted average price as of October 23, 2015 (the last trading day before WNR made its initial offer to acquire all of NTI’s outstanding common units) results in an implied consideration of $28.34 for each NYSE:NTI unit.
However, given that at least one analyst has set the high price target for NYSE:NTI units at $34.00 per share, the investigation concerns whether the offer is unfair to NYSE:NTI unitholders.
In addition, given that Western Refining, Inc. (NYSE:WNR) currently owns approximately 38% of the common units and 100% of the general partnership interest of Northern Tier Energy LP, and Western Refining, Inc has already agreed to vote all of the Northern Tier Energy LP common units it owns in favor of the merger, the investigation concerns whether the Northern Tier Energy LP Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
On January 8, 2016, NYSE:NTI units closed at $26.67 per unit.
Those who are current investors in Northern Tier Energy LP (NYSE:NTI) units have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com