- Northern Tier Energy (NYSE:NTI) +9.1% AH after Western Refining (WNR) agrees to acquire the ~62% of the company it does not already own in a revised offer that values NTI at $2.43B.
- NTI unitholders will now receive $15/share in cash and 0.2986 of a share of WNR for each unit held; in October, WNR offered $17.50/share in cash and 0.2266 of a share for each NTI unit.
- The companies say the merger will result in a diversified refining asset base with three top tier refineries that have direct pipeline access to advantaged crude oil basins, and that the deal includes increased flexibility to sell NTI traditional logistics assets to Western Refining Logistics (WNRL).