Tres Energy LLC entered into an agreement to acquire Adams Resources & Energy, Inc. (NYSEAM:AE) for $100 million
November 11, 2024
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Tres Energy LLC entered into an agreement to acquire Adams Resources & Energy, Inc. (NYSEAM:AE) for $100 million on November 11, 2024. As part of consideration, Tres Energy will pay $38 in cash for each share. If merger is terminated under define circumstances mentioned in the agreement, Adams Resources & Energy will pay $4 million in cash to Tres Energy. Upon completion of the transaction, the Adams Resources & Energy?s shares will no longer trade on the NYSE American, and Adams will become a private company.
The transaction has been unanimously approved by board of directors of both companies. The consummation of the merger is subject to certain customary mutual conditions, including (i) the approval of the Adams Resources & Energy?s stockholders holding at least a majority of the outstanding shares of Adams Resources & Energy Common Stock entitled to vote on the adoption of the agreement. The transaction is expected to close in the first quarter of 2025.
Houlihan Lokey Capital, Inc. acted as fairness opinion provider to Adams Resources & Energy. Jonathan Newton and Robert Leclerc of King & Spalding LLP acted as legal advisor to Tres Energy LLC. Eugene McDermott and Jon Daly of Locke Lord LLP acted as legal advisor to Adams Resources & Energy. Houlihan Lokey Capital, Inc. acted as financial advisor to the Adams Board of Directors.
Adams Resources & Energy, Inc. is engaged in crude oil marketing, truck, and pipeline transportation, terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States. The Company also conducts tank truck transportation of liquid chemicals, pressurized gases, asphalt, and dry bulk primarily in the lower 48 states of the United States, with deliveries into Canada and Mexico, and with 17 terminals across the United States. Its segments include crude oil marketing, transportation, and storage; tank truck transportation of liquid chemicals, pressurized gases, asphalt, and dry bulk; pipeline transportation, terminalling and storage of crude oil, and interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, and other chemicals. Its subsidiaries include Service Transport Company, Ada Resources, Inc., and Phoenix Oil, Inc.
ADAMS RESOURCES & ENERGY, INC. 
