General | Deals - Acquisition, Mergers, Divestitures
QEP, Tesoro Shareholders Green-Light Merger Deal
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Tesoro Logistics LP and QEP Midstream Partners, LP announced the approval of the merger of QEPM with TLLP during a unitholder meeting held today in San Antonio.
Click here to access the deal in Shale Experts' M&A Database
Over 64% of the QEPM common units entitled to vote and held by unitholders other than QEP Midstream Partners GP, LLC and its affiliates were cast in favor of the merger. TLLP, who indirectly holds all of QEPM's subordinated units, approved the merger by written consent. The merger required approval of at least a majority of the outstanding common units of QEPM held by unitholders other than QEPM GP and its affiliates.
Under the terms of the merger agreement, unitholders of QEPM (other than QEPM GP and its affiliates) are entitled to receive 0.3088 TLLP common units for each QEPM common unit. Cash will be paid to QEPM unitholders in lieu of any fractional units they otherwise would have been entitled to receive in accordance with the merger agreement.
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