Blueknight Energy Partners, L.P. Receives Buyout Offer from Ergon
August 05 2019 - 5:00PM
Business Wire
Blueknight Energy Partners, L.P. (“BKEP” or the “Partnership”)
(NASDAQ: BKEP) (NASDAQ: BKEPP), today announced that Ergon, Inc.
(“Ergon”) filed an amendment to its Schedule 13D (the “13D
Amendment”) with the U.S. Securities and Exchange Commission. The
13D Amendment discloses that Ergon has made a non-binding proposal
to the Board of Directors of Blueknight Energy Partners G.P.,
L.L.C. (the “GP Board”), the general partner of the Partnership,
pursuant to which Ergon would acquire all the outstanding Common
Units and Series A Preferred Units of the Partnership not already
owned by Ergon and its affiliates for a cash purchase price of
$1.35 per Common Unit and $5.67 per Series A Preferred Unit. The
other terms of proposal are set forth in the 13D Amendment.
The proposed transaction is subject to several contingencies,
including the approval of the Conflicts Committee of the GP Board,
the approval by the Partnership’s unitholders, and the satisfaction
of any conditions to the consummation of a transaction set forth in
any definitive agreement concerning the transaction. There can be
no assurance that definitive documentation will be executed or that
any transaction will materialize on the terms described above or at
all.
Forward-Looking Statements
This release may include forward-looking statements. Statements
included in this release that are not historical facts are
forward-looking statements. Such forward-looking statements are
subject to various risks and uncertainties. These risks and
uncertainties include, among other things, uncertainties relating
to the Partnership’s future cash flows and operations, the
Partnership’s ability to pay future distributions, future market
conditions, current and future governmental regulation, future
taxation and other factors discussed in the Partnership’s filings
with the Securities and Exchange Commission. If any of these risks
or uncertainties materializes, or should underlying assumptions
prove incorrect, actual results or outcomes may vary materially
from those expected. The Partnership undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
About Blueknight Energy Partners, L.P.
BKEP owns and operates a diversified portfolio of complementary
midstream energy assets consisting of:
- 8.8 million barrels of liquid asphalt storage located at 53
terminals in 26 states;
- 6.9 million barrels of above-ground crude oil storage capacity
located primarily in Oklahoma, approximately 6.6 million barrels of
which are located at the Cushing Interchange terminalling facility
in Cushing, Oklahoma;
- 646 miles of crude oil pipeline located primarily in Oklahoma
and Texas; and
- 60 crude oil transportation vehicles deployed in Kansas,
Oklahoma and Texas.
BKEP provides integrated terminalling, gathering and
transportation services for companies engaged in the production,
distribution and marketing of liquid asphalt and crude oil. BKEP is
headquartered in Tulsa, Oklahoma. For more information, visit the
Partnership’s web site at www.bkep.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190805005630/en/
BKEP Investor Relations, (918) 237-4032 investor@bkep.com
or BKEP Media Contact: Brent Gooden, (405) 715-3232 or (405)
818-1900
Blueknight Energy Partners (NASDAQ:BKEP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blueknight Energy Partners (NASDAQ:BKEP)
Historical Stock Chart
From Sep 2023 to Sep 2024