NGL Energy Partners LP and TransMontaigne Partners LP said on Friday they have terminated discussions on NGL's non-binding proposal to acquire the outstanding common units of TLP, according to a press release. The discussions were terminated after the Conflicts Committee of TransMontaigne GP LLC's Board of Directors reviewed the terms of NGL's non-binding proposal and determined the two parties would not be able to agree on the price to be offered to unitholders of TLP. The board's independent advisors held several discussions with NGL's representatives in the last month, the release stated.TransMontaigne GP LLC is the general partner of TLP. TransMontaigne Partners LP provides transport and storage of petroleum and refined products. NGL Energy Partners LP is a vertically integrated energy business whose services include oil logistics.NGL currently owns TransMontaigne GP LLC, which it purchased from Morgan Stanley in a sale that closed in early July. It also owns 19.7 percent of the outstanding common units of TLP.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.16% or $0.05/share to $32.22. In the past year, the shares have traded as low as $25.25 and as high as $33.60. On average, 8801720 shares of MS exchange hands on a given day and today's volume is recorded at 9329157.
Shares of NGL fell by 0.57% or $-0.24/share to $42.21. In the past year, the shares have traded as low as $28.08 and as high as $46.25. On average, 450339 shares of NGL exchange hands on a given day and today's volume is recorded at 166690.
TransMontaigne Partners L.P. (TransMontaigne Partners) is a terminaling and transportation company with operations in the United States along the Gulf Coast, in the Midwest, in Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeast. Shares of TLP traded higher by 0.54% or $0.23/share to $43.03. In the past year, the shares have traded as low as $38.78 and as high as $50.00. On average, 43392 shares of TLP exchange hands on a given day and today's volume is recorded at 30019.
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