Western Refining Inc. (NYSE: WNR) said it had reached an agreement to buy the shares of Northern Tier Energy LP (NYSE: NTI) it did not already own, in a deal that values the refiner at $2.43 billion.
Northern Tier unitholders will now receive $15 in cash and 0.2986 of Western Refining share for each unit held, the companies said on Dec. 21.
Western Refining, which currently owns about 38% of Northern Tier, had in October offered $17.50 in cash and 0.2266 of its shares.
The revised offer values Northern Tier at $26.20 per share and represents a premium of nearly 8% to the stock's closing price on Dec. 21, according to Reuters' calculations.
The October offer had valued Northern Tier at $27.11 per share, a premium of 12% to the stock's last close.
Recommended Reading
What's Affecting Oil Prices This Week? (Jan. 27, 2025)
2025-01-27 - For the upcoming week, Stratas Advisors predict that the price of Brent crude will threaten $75.
What's Affecting Oil Prices This Week? (Dec. 9, 2024)
2024-12-09 - For the upcoming week, Stratas Advisors believes the announced delay by OPEC+ will keep the price of Brent crude above $70, but not reach $73.
What's Affecting Oil Prices This Week? (Feb. 10, 2025)
2025-02-10 - President Trump calls for members of OPEC+ and U.S. shale producers to supply more oil to push down oil prices to the neighborhood of $45/bbl.
What's Affecting Oil Prices This Week? (Dec. 16, 2024)
2024-12-16 - For the upcoming week, Stratas Advisors expect oil prices will move sideways with more downside risk than upside potential.
Oil Set for Weekly Loss on Surplus Fears After OPEC+ Cut Extensions
2024-12-06 - The Organization of the Petroleum Exporting Countries and its allies on Dec. 5 pushed back the start of oil output rises by three months until April.