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Stock Market & Financial Investment News

News Breaks
February 27, 2014
07:53 EDTMPC, MPLXMPLX acquires added interest in MPLX Pipe Line Holdings from Marathon Petroleum
MPLX LP (MPLX) announced that it has agreed to acquire an additional 13% interest in MPLX Pipe Line Holdings from a subsidiary of Marathon Petroleum (MPC) for $310M. This transaction represents MPLX's second acquisition following its initial public offering in October 2012. This acquisition will increase MPLX's interest in Pipe Line Holdings to 69% from the 56% interest it held previously. Pipe Line Holdings owns a 100% interest in Marathon Pipe Line and Ohio River Pipe Line. The acquisition price represents an approximate 10 times multiple of the assets' forecasted next twelve months earnings before interest, taxes, depreciation and amortization. The transaction is expected to close effective March 1, and be immediately accretive to distributable cash flow. MPLX intends to fund the acquisition through a combination of $40M of cash on hand and a $270M borrowing on its $500M revolving credit facility.
News For MPLX;MPC From The Last 14 Days
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November 25, 2015
07:36 EDTMPCMarathon Petroleum price target raised to $70 from $60 at Oppenheimer
Oppenheimer expects Marathon to generate free cash flow of $1.6B this year and $0.7B next year, before acquisitions and share repurchases. The firm says the company's valuation is attractive, and it keeps an Outperform rating on the shares.
November 20, 2015
09:28 EDTMPLXGlass Lewis, Egan-Jones recommend MarkWest unitholders approve MPLX deal
MarkWest Energy Partners (MWE) announced that Glass Lewis and Egan-Jones Proxy Services, two independent proxy advisory firms, have issued reports recommending that MarkWest unitholders vote "FOR" the combination of MarkWest and MPLX (MPLX). The recommendations of Glass Lewis and Egan-Jones follow Institutional Shareholder Services Inc.'s recent report that also recommended that MarkWest unitholders vote "FOR" the MarkWest-MPLX combination.
09:01 EDTMPLXMarkWest Hydrocarbon co-founders intend to vote against MarkWest & MPLX merger
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November 19, 2015
09:03 EDTMPLXMarkWest former CEO John Fox responds to ISS report on proposed merger
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November 18, 2015
09:29 EDTMPLXMarkWest Energy says ISS recommends investors vote for combination with MPLX
MarkWest Energy Partners (MWE) announced that Institutional Shareholder Services, an independent proxy advisory firm, has issued a report recommending that MarkWest unitholders vote FOR the combination of MPLX (MPLX) and MarkWest. In recommending that unitholders vote in favor of the MarkWest-MPLX combination, ISS's report, issued on November 17, 2015 stated: "Given the premium to the unaffected price at announcement, the subsequent cash increases in the merger consideration, and the strategic advantages of the combination -- including both the access to relatively more certain capital sources at a lower cost of capital and the ability to de-risk certain growth opportunities with Marathon as its parent -- a vote FOR the merger is warranted."
November 17, 2015
10:02 EDTMPLXHigh option volume stocks
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08:07 EDTMPLXJohn Fox to hold a teleconference
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06:32 EDTMPC, MPLXMPLX and MarkWest combination receives further cash consideration from Marathon
MPLX (MPLX) and MarkWest Energy (MWE) announced that, in connection with the anticipated combination of MPLX and MarkWest, Marathon Petroleum (MPC) has agreed to further increase the amount of the one-time cash consideration payable to MarkWest common unitholders to $6.20 per unit, up from the cash consideration previously announced on Nov. 10, 2015, of approximately $5.21 per unit. This cash consideration represents a significant enhancement to the initial July 13, 2015, offer which was approximately $3.37 per unit. Under the revised terms of the merger agreement announced today, which represents the best and final offer, MarkWest common unitholders will receive approximately $1.28 billion in total cash consideration and 1.09 MPLX common units per MarkWest common unit, for a total consideration of approximately $51.74 per MarkWest common unit, based on the closing price of MPLX's common units on Nov. 16, 2015. Three of MarkWest's largest unitholders, Kayne Anderson Capital Advisors, L.P., Tortoise Capital Advisors, L.L.C., and, as previously announced, The Energy & Minerals Group, which cumulatively represent more than 15 percent of MarkWest's outstanding units entitled to vote, have all entered into voting agreements to vote in favor of the transaction. The merger is also recommended by each of the boards of MPC, MPLX and MarkWest, and the executive management of both partnerships strongly support the transaction and its revised terms. The combination will create one of the largest master limited partnerships, which is expected to generate a mid-20 percent compound annual distribution growth rate through 2019. The transaction is subject to approval by MarkWest unitholders and other customary closing conditions and, subject to the satisfaction of those conditions, is expected to close in December 2015. The date of the special meeting of MarkWest common unitholders is Dec. 1, 2015. MarkWest unitholders of record as of Oct. 5, 2015, will be entitled to vote on approval of the merger and the associated proposals.

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