MPLX LP Announces Unitholder Consent Deadline and Anticipated Closing Date of the Andeavor Logistics Acquisition

Source Press Release
Company MPLX LPAndeavor Logistics LPMarathon Petroleum Corporation 
Tags Corporate Deals, Deals, Pipelines/ tankers/ distribution
Date June 28, 2019

MPLX LP (NYSE: MPLX) and  Andeavor Logistics LP (NYSE: ANDX) today announced that the Board of Directors of the general partner of ANDX has set June 28, 2019 as the record date for determining holders of ANDX common units entitled to execute and deliver written consents with respect to the proposed acquisition. The consent process will conclude on July 29, 2019.

ANDX's general partner and a subsidiary of Marathon Petroleum Corporation (NYSE: MPC), which together own approximately 64% of ANDX's common units, have delivered written consents adopting and approving in all respects the Agreement and Plan of Merger, dated as of May 7, 2019 (the "Merger Agreement") and the transactions contemplated thereby. The delivery of these consents is sufficient to adopt the Merger Agreement and approve the acquisition of ANDX by MPLX, without the receipt of written consent from any other holder of ANDX units.

MPLX expects the closing of the acquisition to occur on July 30, 2019, subject to the satisfaction or waiver of the remaining customary conditions to closing. Given the anticipated timing of the closing of the transaction, the parties expect that ANDX common unitholders will not receive any future distributions from ANDX but instead will receive a second quarter 2019 distribution as and when declared by the Board of Directors of the general partner of MPLX (the "MPLX Board") with respect to the MPLX common units expected to be issued in connection with the merger. Additionally, the parties expect that ANDX Series A Preferred unitholders will not receive any future distributions from ANDX, but instead will receive the semi-annual distribution payable August 15, 2019, when declared by the MPLX Board, on MPLX Series B Preferred units expected to be issued in connection with the Merger.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd