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ANDV

Andeavor

$148.43

1.18 (0.80%)

, MPC

Marathon Petroleum

$79.83

0.75 (0.95%)

16:51
08/06/18
08/06
16:51
08/06/18
16:51

Andeavor provides update on Marathon Petroleum strategic combination

On April 29 Andeavor (ANDV) and MPC (MPC)entered into the MPC Merger Agreement under which MPC will acquire all Andeavor outstanding shares. Andeavor shareholders will have the option to receive in exchange for each share of Andeavor common stock they hold 1.87 shares of MPC stock, $152.27 in cash, or a combination of both, subject to a proration mechanism that will result in 15% of the shares of Andeavor common stock being exchanged for cash, and the remaining shares being exchanged for MPC stock. This represented a premium of 24.4% to ANDV's closing price prior to the announcement. This transaction is expected to create a premier U.S. refining, marketing and midstream company, building a platform that is well-positioned for long-term growth and shareholder value creation. The transaction is expected to generate in excess of $1 billion of annual synergies within the first three years. On August 3, 2018 Andeavor and MPC announced that the strategic combination is expected to close on October 1, 2018, pending approval from both Andeavor and MPC shareholders, as well as satisfying other customary closing conditions. Andeavor has scheduled a meeting of its shareholders for September 24, 2018 to approve the transaction.

ANDV

Andeavor

$148.43

1.18 (0.80%)

MPC

Marathon Petroleum

$79.83

0.75 (0.95%)

ANDV Andeavor
$148.43

1.18 (0.80%)

05/18/18
FBCO
05/18/18
DOWNGRADE
Target $145
FBCO
Neutral
Andeavor downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Manav Gupta downgraded Andeavor (ANDV) to Neutral from Outperform and raised his price target on shares to $145 from $142. In a research note to investors, Gupta said he believes Marathon Petroleum's (MPC) bid fairly values Andeavor and does not expect a competing bid that limits upside vs. current share prices, adding that any delays on the regulatory front are likely to disproportionally impact Andeavor more than Marathon.
05/18/18
TUDR
05/18/18
DOWNGRADE
TUDR
Hold
Andeavor downgraded to Hold from Buy at Tudor Pickering
06/29/18
USCA
06/29/18
DOWNGRADE
USCA
Hold
Andeavor downgraded to Hold from Buy at US Capital Advisors
08/02/18
MZHO
08/02/18
INITIATION
Target $158
MZHO
Neutral
Andeavor initiated with a Neutral at Mizuho
Mizuho analyst Paul Sankey started Andeavor (ANDV) with a Neutral rating and $158 price target. The analyst believes Andeavor shares are pegged to Marathon Petroleum's (MPC) offer of 1.87 Marathon share or $152 cash.
MPC Marathon Petroleum
$79.83

0.75 (0.95%)

05/29/18
WELS
05/29/18
UPGRADE
WELS
Outperform
Marathon Petroleum upgraded to Outperform from Market Perform at Wells Fargo
05/29/18
05/29/18
UPGRADE
Target $113

Outperform
Marathon Petroleum upgraded to Outperform from at Wells Fargo
As previously reported, Wells Fargo analyst Roger Read upgraded Marathon Petroleum to Outperform from Market Perform and raised his price target on the shares to $113 from $80. The analyst says the IMO 2020 low sulfur marine fuel rule in his estimation will be a positive for the U.S. Independent Refiners and believes possesses the most potential upside.
08/01/18
MZHO
08/01/18
INITIATION
Target $95
MZHO
Buy
Marathon Petroleum initiated with a Buy at Mizuho
Mizuho initiated Marathon Petroleum with a Buy and $95 price target.

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