Sprague Resources receives buyout proposal from majority owner
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Refined products and gas distributor Sprague Resources LP received an unsolicited nonbinding proposal from Sprague Resources Holdings LLC to acquire all of the partnership's common units that it does not already own.
Sprague Resources Holdings and its affiliates own about 53.3% of Sprague's outstanding common units as of March 26. Under the proposal, Sprague Resources Holdings would acquire the remaining units of Sprague for $13 in cash per unit, according to a March 27 news release.
The proposed price represents a premium of about 14% to Sprague's 10-day volume-weighted average price before March 26, and about 7% to its 30-day volume-weighted average price.
The conflicts committee of Sprague's board of directors will consider the proposal, which is subject to customary closing conditions.
Intrepid Partners LLC serves as the financial adviser to Sprague Resources Holdings.