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May 28, 2014, 7:25 AM
- PetroLogistics (PDH) agrees to be acquired by Koch Industries subsidiary Flint Hills Resources for ~$2.1B.
- Flint Hills will pay $14 in cash for each PDH unit, an 8.3% premium over yesterday's close, except for units owned by a few select investors to be acquired for $12 each.
- PDH has propylene operations around the Houston Ship Channel, and has an annual production capacity of ~1.45B lbs.
- PDH +10.2% premarket.
PetroLogistics LP owns and operates a propane dehydrogenation facility producing propylene from propane. In addition to propylene, it also produces commercial quantities of hydrogen and C4 mix/C5+ streams.
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