Propylene producer PetroLogistics LP said it would be taken private by a unit of Koch Industries Inc in a deal worth $2.1 billion, including debt.The unit, Flint Hills Resources LLC, will pay $14 in cash for each PetroLogistics unit to minority shareholders who own 27 percent of the company. A group of shareholders who control the remaining 73 percent stake will get $12 per unit.This group includes Lindsay Goldberg LLC, York Capital Management, PetroLogistics' executive chairman, David Lumpkins, and its chief executive, Nathan Ticatch.Flint Hills is a refining, chemicals and biofuels company.
PetroLogistics LP owns and operates propane dehydrogenation (PDH) facility. Shares of PDH fell by 0.23% or $-0.03/share to $12.93. In the past year, the shares have traded as low as $10.37 and as high as $14.20. On average, 390848 shares of PDH exchange hands on a given day and today's volume is recorded at 182101.
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