Tristan R. Brown
Mon, Oct. 17, 9:05 AM
- Alon USA Energy (NYSE:ALJ) +12.4% premarket after confirming it received a buyout offer from Delek US Holdings (NYSE:DK) to acquire all ALJ's outstanding common shares at a fixed exchange ratio of 0.44 shares of DK stock for each outstanding share of ALJ.
- ALJ's Special Committee, which says it has reviewed a number of strategic alternatives, intends to consider DK's proposal and determine how to respond.
Fri, Oct. 14, 8:47 AM
- Delek U.S. Holdings (NYSE:DK) offers to buy the ~53% of Alon USA Energy (NYSE:ALJ) it does not already own, in a deal that values ALJ at $516M.
- DK proposes to acquire the remaining ALJ shares in an all-stock transaction at a fixed exchange ratio of 0.44 DK shares for each outstanding ALJ share.
- Based on DK's closing price of $16.42, the offer works out to $7.22/share, a 16% discount to ALJ's $8.60 closing price.
- ALJ -1.2% premarket.
Wed, Sep. 14, 2:52 PM
- Delek US Holdings (DK -1.8%) and Alon USA Energy (ALJ -0.1%) are initiated with Buy ratings, with respective $23.50 and $10 price targets, at Citigroup, which says a potential merger of the two companies seems increasingly likely and could unlock value.
- DK already owns a 48% stake in ALJ and recently sold its retail assets to COPEC, raising sufficient funds to acquire the remaining 52% stake via cash, Citi says.
- Besides the synergies in procurement of crude and marketing of products, the firm says the clearest synergy is $71M that ALJ outlined in EBITDA that could be dropped into DK’s MLP, a value that alone represents 100% of ALJ’s market cap.
Mon, Aug. 29, 8:24 AM
- Delek US Holdings (NYSE:DK) agrees to sell its 348 MAPCO Express gasoline stations and convenience stores to Compania de Petroleos de Chile for $535M.
- DK says the deal provides additional financial flexibility, which can be used to support Delek Logistics Partners (NYSE:DKL) as it explores growth opportunities.
- COPEC owns Chile's largest convenience store network with more than 900 owned and affiliated sites.
- DK says it will continue to supply fuel to certain MAPCO retail locations under an 18-month supply agreement.
Thu, Aug. 11, 5:30 PM
- Delek US (NYSE:DK) +12.8% AH following a NY Post report that Carl Icahn-controlled refiner CVR Energy (NYSE:CVI) is planning to make an offer for the company; CVI +9.2% AH.
- The report also speculates that Icahn, who sits on DK’s board, is building a personal stake in the company.
- Refiners have been hurt this year by narrowing oil spreads plus the rising price of RINs; DK has lost 39% and CVI has shed 65% YTD.
Mar. 31, 2015, 12:19 PM
- Delek US Holdings (DK -0.2%) discloses that it is in talks to buy some or all of Alon Israel Oil, one of Israel's largest fuel station and convenience store operators and the parent company of Alon USA Energy (ALJ +5.4%).
- A deal could give DK a stake in refineries and convenience stores in the U.S. and Israel; ALJ's refineries in Texas, California and Louisiana have an aggregate crude oil throughput capacity of 217K bbl/day and operates nearly 300 7-Eleven convenience stores in central and west Texas and New Mexico.
- Alon Israel had owned more than 50% of ALJ stock but now owns ~48% after giving up its majority stake through a share sale last month.
Jun. 29, 2014, 10:30 AM| Jun. 29, 2014, 10:30 AM
May 18, 2014, 4:13 AM| May 18, 2014, 4:13 AM
Dec. 3, 2012, 5:17 AM
Australia's Woodside Petroleum (WOPEF.PK) agrees to acquire a 30% stake in Israel's massive Leviathan offshore gas field from the operators of the reserve, which include Noble Energy (NBL) and Delek Drilling (DKDRF.OB). Woodside will pay an initial $696M and as much as $550M once certain conditions are met, as well as revenue-sharing money of up to $1B a year. Noble's stake will fall to 30% from 39.66%. (PR)| Dec. 3, 2012, 5:17 AM
Sep. 9, 2012, 5:50 AMThe consortium that develops the Leviathan natural gas field off Israel's coast, in which Noble Energy (NBL) and Delek (DK) own large holdings, is considering offers from "leading international companies" to sell up to 30% rights to the field. Leviathan has estimated reserves of 17T cubic feet of gas, with the group hoping to find 600M barrels of oil as well. | Sep. 9, 2012, 5:50 AM