BP Pipelines Offers to Acquire BP Midstream Partners
BP Midstream Partners (BPMP) today announced that, on Wednesday, the board of directors of the general partner of BPMP received a non-binding offer from BP Pipelines (North America) to acquire all of the outstanding common units of BPMP held by the public in exchange for newly-issued American Depositary Receipts of BP p.l.c. at a value of $13.01 per BPMP common unit.
The board of directors received the offer through its wholly-owned subsidiary BP Midstream Partners Holdings. It and BP Pipelines are both wholly-owned subsidiaries of BP p.l.c.
BPMP’s filings today contain all the details relating to the offer that can currently be shared. BPMP will update its filings as required.
In response to this announcement, BPMP has temporarily suspended providing forward guidance and temporarily suspended its formal unitholder engagement program, such as attending investor conferences and roadshows.
BPMP today also reported financial results for the second quarter 2021.
“While portfolio gross throughput for the second quarter was lower than expected, we delivered increased Adjusted EBITDA and Cash available for distribution, and increased our cash balances by around $8 million during the quarter,” CFO Jack Collins said. “We continue to manage BPMP in a thoughtful, disciplined manner, focusing on safe operations and financial stability."
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