Sprague Resources Announces Withdrawal of Proposal to Acquire All of its Outstanding Common Units

Sprague Resources LP announced on June 4, 2020, that Sprague Resources Holdings LLC has withdrawn its non-binding acquisition proposal from March 25, 2020.

Rhea-AI Summary

Sprague Resources LP announced on June 4, 2020, that Sprague Resources Holdings LLC has withdrawn its non-binding acquisition proposal from March 25, 2020. This proposal sought to acquire all outstanding common units of Sprague that Holdings and its affiliates do not already own. The withdrawal indicates a change in strategic direction for Holdings and may impact investor sentiment toward SRLP.

Positive

• None.

Negative

• Withdrawal of acquisition proposal may signal uncertainty in future growth strategies.

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The recorded move for SRLP in the trading session of this news was -3.57%.

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PORTSMOUTH, N.H., June 04, 2020 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague”) (NYSE: SRLP) announced today that Sprague Resources Holdings LLC (“Holdings”) has withdrawn its previously announced non-binding proposal, dated March 25, 2020, to acquire all of the outstanding common units of Sprague that Holdings and certain of its affiliates do not already own.

About Sprague Resources LP
Sprague Resources LP is a master limited partnership engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. Sprague also provides storage and handling services for a broad range of materials. More information concerning Sprague can be found at www.spragueenergy.com.

Investor Contact:
Paul Scoff
+1 800.225.1560
investorrelations@spragueenergy.com

FAQ

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Why did Sprague Resources Holdings LLC withdraw its acquisition proposal for SRLP?

The specifics of the withdrawal have not been disclosed, but it may relate to strategic reassessment.

What was the proposal made by Sprague Resources Holdings LLC?

The proposal aimed to acquire all outstanding common units of Sprague that Holdings and its affiliates do not already own.

How does the withdrawal of the acquisition proposal affect SRLP?

The withdrawal may create uncertainty around future growth strategies and investor sentiment.

When was the acquisition proposal initially announced?

The initial non-binding acquisition proposal was announced on March 25, 2020.