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Stock Market & Financial Investment News

News Breaks
August 6, 2014
17:12 EDTCST, LGPCST Brands acquires general partner of Lehigh Gas for $85M in cash, stock
CST Brands (CST) announced that it has entered into definitive agreements to purchase 100% of the membership interests of Lehigh Gas GP, the general partner of Lehigh Gas Partners LP (LGP), from Lehigh Gas Corporation and all of the outstanding IDRs of LGP. The aggregate consideration will be $17M in cash and approximately 2.04M shares of CST common stock. Based on the closing share price of CST Brands stock as of August 5, the total consideration is currently valued at approximately $85M. The transaction has been approved by the board of CST Brands. The closing of the transaction is subject to customary conditions, including consent of the lenders and modification of the credit facilities of CST Brands and Lehigh Gas Partners. The transaction is expected to close early in Q4. Joe Topper, the chairman and CEO of LGP, will continue as president and CEO of LGP and will join the board of CST Brands. The transaction overall does not involve the sale or purchase of any of the common or subordinated units of Lehigh Gas Partners. LGP will continue to operate as a separate, publicly-traded, master limited partnership and maintain its current headquarters in Allentown, PA.
News For CST;LGP From The Last 14 Days
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September 17, 2014
07:56 EDTLGPLehigh Gas price target raised to $42 from $35 at Oppenheimer
Oppenheimer increased its price target on Leigh Gas (LGP) after meeting with the company's management, as the firm expects the stock to rise further as the market digests the company's growth prospects and trading liquidity improves. Oppenheimer thinks that Lehigh Gas' deal with CST Brands (CST) is likely to increase Lehigh's distribution growth next year. The firm keeps an Outperform rating on Lehigh Gas.
September 16, 2014
09:25 EDTLGPOn The Fly: Pre-market Movers
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08:57 EDTLGPLehigh Gas 3.6M share Spot Secondary priced at $33.99
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September 15, 2014
18:34 EDTLGPOn The Fly: After Hours Movers
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16:14 EDTLGPLehigh Gas files to sell 3.6M common units representing limited partners
Barclays Capital Inc., BofA Merrill Lynch, Raymond James & Associates, Inc., Wells Fargo Securities, LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering, and Robert W. Baird & Co. Incorporated and Janney Montgomery Scott LLC are acting as co-managers for the offering.

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