Breitburn Energy Partners LP offered to purchase QR Energy LP for $1.46 billion to become one of the largest U.S. oil producers structured as a master limited partnership (MLP).QR Energy until holders will get 0.9856 of one Breitburn unit for each QR Energy unit they hold. That works out to $22.48 per unit, based on Breitburn's closing price on Wednesday.The offer, which represents a 19 percent premium to QR Energy's close on Wednesday, is based 64.9 million QR Energy shares outstanding.The deal is valued at about $3 billion, including QR' Energy's debt and outstanding class C convertible preferred units, the companies said in a joint statement.
BreitBurn Energy Partners L.P. is an independent oil and gas partnership focused on the acquisition, exploitation and development of oils and gas properties in the United States. Shares of BBEP fell by 0.09% or $-0.02/share to $22.81. In the past year, the shares have traded as low as $17.10 and as high as $23.15. On average, 550684 shares of BBEP exchange hands on a given day and today's volume is recorded at 601296.
QR Energy, LP (QR Energy) is engaged in the acquisition, exploitation, development and production of oil and natural gas properties, and the Company?s business activities are conducted through OLLC, its wholly owned subsidiary. Shares of QRE traded higher by 0.69% or $0.13/share to $18.87. In the past year, the shares have traded as low as $16.10 and as high as $19.07. On average, 257433 shares of QRE exchange hands on a given day and today's volume is recorded at 210812.
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