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[biz.yahoo.com]
Soros Fund Makes Bid for Star Gas
Home heating oil distributor Star Gas Partners LP said Thursday a group including financier George Soros has made an unsolicited offer to take over management of the limited partnership, rivaling an earlier bid by Kestrel Energy Partners LLC.
[biz.yahoo.com]
[biz.yahoo.com]
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AlexGabor - 7 years ago
Feb. 16, 2006--Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE:SGU - News, SGH - News), a home energy distributor and services provider specializing in heating oil, announced today that it had received an unsolicited competing proposal by a consortium consisting of Soros Fund Management, LLC ("Soros"), Atticus Capital LP ("Atticus") and Almeida Oil Co., Inc. ("Almeida") for the strategic recapitalization of the Partnership. The proposal by this consortium contemplates the formation of a new company, referred to herein as the "Soros Group," to effectuate the transactions contained in their proposal.
AlexGabor - 7 years ago
Star Gas Partners L.P. received a revised unsolicited non-binding competing proposal by a consortium consisting of Soros Fund Management LLC, Atticus Capital LP and Almeida Oil Co., Inc. for the strategic recapitalization of the Partnership.
The revised proposal considers the formation of a new company, referred to herein as the "Soros Group," to effectuate the transactions contained in their revised proposal.
The revised Soros Group proposal includes, a proposed commitment by the Soros Group of $32.5 million of new equity capital in which they would purchase 10 million common units at a price of $3.25 per unit.
The revised proposal reflects a standby commitment in a $37.5 million rights offering to Star's common unitholders at a price of $2.50 per common unit.
Star Gas Partners, L.P. is the nation's largest retail distributor of home heating oil. Additional information is available by obtaining the Partnership's SEC filings and by visiting Star's website at www.star-gas.com.
The revised proposal considers the formation of a new company, referred to herein as the "Soros Group," to effectuate the transactions contained in their revised proposal.
The revised Soros Group proposal includes, a proposed commitment by the Soros Group of $32.5 million of new equity capital in which they would purchase 10 million common units at a price of $3.25 per unit.
The revised proposal reflects a standby commitment in a $37.5 million rights offering to Star's common unitholders at a price of $2.50 per common unit.
Star Gas Partners, L.P. is the nation's largest retail distributor of home heating oil. Additional information is available by obtaining the Partnership's SEC filings and by visiting Star's website at www.star-gas.com.
AlexGabor - 7 years ago
Soros Group Proposal is Not Superior to Amended Kestrel Transaction
-- Tender and Exchange Offer to Star's Senior Noteholders Commenced
Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE: SGU, SGH) announced today that the Partnership has entered into Amendment No. 2 to the Kestrel Unit Purchase Agreement (as amended, the "Amended Kestrel Unit Purchase Agreement") with Kestrel Energy Partners, LLC ("Kestrel") and its affiliates. The board of directors (the "Board") of Star Gas LLC, the Partnership's general partner, determined that the New Soros Group proposal, previously announced on March 23, 2006, to recapitalize the Partnership is not a "Superior Proposal" under the terms of the Amended Kestrel Unit Purchase Agreement.
-- Tender and Exchange Offer to Star's Senior Noteholders Commenced
Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE: SGU, SGH) announced today that the Partnership has entered into Amendment No. 2 to the Kestrel Unit Purchase Agreement (as amended, the "Amended Kestrel Unit Purchase Agreement") with Kestrel Energy Partners, LLC ("Kestrel") and its affiliates. The board of directors (the "Board") of Star Gas LLC, the Partnership's general partner, determined that the New Soros Group proposal, previously announced on March 23, 2006, to recapitalize the Partnership is not a "Superior Proposal" under the terms of the Amended Kestrel Unit Purchase Agreement.
AlexGabor - 7 years ago
STAR GAS PARTNERS FILES AN AMENDED S-3 REGISTRATION STATEMENT WHICH CAN BE VIEWED AT THE LINK BELOW.
[www.sec.gov]
[www.sec.gov]
AlexGabor - 6 years ago
Commodities probably are in for a period of correction," Soros told the U.S. financial news network CNBC on Monday. "We are in a situation where all asset classes are under pressure because of a reduction in liquidity.
[www.iht.com]
[www.iht.com]
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