Sunoco LP And NuStar Energy L.P. Announced The Approval By Nustar Unitholders Of The Previously Announced Merger, Pursuant To Which Nustar Will Merge With And Into A Merger Subsidiary Of Sunoco
Portfolio Pulse from Benzinga Newsdesk
Sunoco LP (SUN) and NuStar Energy L.P. (NS) announced the approval by NuStar unitholders of their merger, with NuStar merging into a subsidiary of Sunoco. Approximately 69% of NuStar's outstanding common units voted in favor. The merger is expected to close on May 3, 2024, with NuStar unitholders receiving 0.400 of a Sunoco common unit for each NuStar unit, plus Sunoco's Q1 2024 distribution.
May 01, 2024 | 9:32 pm
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NuStar Energy L.P. unitholders have approved the merger with Sunoco LP, with the transaction expected to close on May 3, 2024. NuStar unitholders will receive 0.400 of a Sunoco common unit for each NuStar unit.
The merger's approval and the specifics of the exchange rate for NuStar unitholders are likely to be viewed positively, potentially leading to an increase in NuStar's stock price in the short term as the merger completion nears.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Sunoco LP's merger with NuStar Energy L.P. has been approved by NuStar unitholders, expected to close on May 3, 2024. NuStar unitholders will receive 0.400 of a Sunoco common unit for each NuStar unit.
The approval of the merger by NuStar unitholders and the favorable exchange rate for NuStar unitholders could lead to positive sentiment towards Sunoco, potentially increasing its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90