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Fly News Breaks for May 19, 2017
May 19, 2017 | 09:09 EDT
RBC Capital analyst Elvira Scotto downgraded PennTex Midstream Partners (PTXP) to Sector Perform from Outperform and raised her price target to $20 from $19 to account for Energy Transfer Partners' (ETP) tender offer to purchase all of the outstanding common units.
News For PTXP;ETP From the Last 2 Days
Jun 20, 2017 | 08:04 EDT
Energy Transfer Partners (ETP) announced that as of 5:00 p.m. Eastern Time on June 19, 2017, approximately 12,360,503 common units representing limited partner interests in PennTex Midstream Partners, LP (PTXP), including those Common Units delivered through notices of guaranteed delivery, were validly tendered and accepted for purchase in the tender offer by ETP. ETP has made payment to American Stock Transfer & Trust Company, LLC, which is acting as the Depositary in connection with the Offer, for the accepted Common Units. The number of Common Units validly tendered in the offering period satisfies the non-waivable condition that not less than a majority of the PennTex Common Units held by unitholders that are not affiliates of ETP be validly tendered, and satisfies the condition that, following the closing of the Offer, ETP and its affiliates own at least 16,571,405 Common Units, representing greater than 80% of the outstanding PennTex Common Units. Upon the exercise of the Limited Call Right, ETP will own all of the economic interests of the Partnership and will be entitled to all of the benefits resulting from those interests. In addition, the Common Units will cease to be listed on the NASDAQ Global Select Market or publicly traded.
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