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July 16, 2014
09:33 EDTPDHFlint Hills Resources completes purchase of PetroLogistics
Flint Hills Resources announced it is moving forward with a significant expansion of its chemicals business with the completion of its acquisition of PetroLogistics LP and its general partner, PetroLogistics GP. The $2.1B transaction is the largest in the company’s history. The acquisition was finalized through the merger of Flint Hills Resources’ subsidiary, FHR Propylene, with and into PetroLogistics. As a result of the merger, all of PetroLogistics’ outstanding common units were converted into the right to receive $14.00 per common unit in cash, except for those common units owned by Lindsay Goldberg, York Capital Management's executive chairman and its president and CEO, which were acquired for $12.00 per common unit in cash. Additionally, all holders of record of common units on July 15 will receive a special, one-time distribution of 40c per common unit. As a result of the merger, PetroLogistics will cease to be a publicly traded company and its common units will no longer be traded on the New York Stock Exchange or any other securities exchange. Flint Hills Resources will operate PetroLogistics’ propylene facility, which is located in Houston, as part of its chemical and refining business.
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