Market Overview

Western Refining Makes Offer to Acquire Northern Tier Energy LP for $17.50/Unit in Cash, 0.2266 Shares of WNR Stock

Related WNR
Earnings Scheduled For May 2, 2017
Earnings Scheduled For February 27, 2017

Western Refining, Inc. (NYSE: WNR) today announced that it has submitted a proposal to the Conflicts Committee of the Board of Directors of the general partner of Northern Tier Energy LP (NYSE: NTI) to acquire all of NTI's outstanding publicly-held common units.  The proposed purchase price for each NTI common unit is comprised of $17.50 in cash and 0.2266 of a share of Western common stock.  The proposed consideration represents a 15% premium to the 20-day volume weighted average price ("VWAP") of NTI's common unit price as of October 23, 2015, and represents aggregate consideration of $27.62 per NTI common unit based on the 20-day VWAPs for NTI and Western as of October 23, 2015.  Assuming completion of the proposed transaction, NTI will become a wholly-owned subsidiary of Western and NTI common units will cease to be publicly traded.  NTI's 7.125% Senior Secured Notes due 2020 will remain outstanding.
Jeff Stevens, President and CEO of Western said, "We believe this proposed transaction enhances value for both the Western shareholders and NTI unitholders.  The combination of Western and Northern Tier will simplify our corporate structure and create a

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