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.
(Reporting by Anna Louie Sussman; Editing by James Dalgleish)