TransMontaigne Inc. Enters into Agreement and Plan of Merger with SemGroup, L.P.
28 March 2006 - 9:34AM
Business Wire
TransMontaigne Inc. (NYSE:TMG) today announced that it has entered
into a definitive agreement with SemGroup, L.P. to exchange all the
issued and outstanding shares of common stock of TransMontaigne,
including TransMontaigne's outstanding Series B Convertible
Preferred Stock, on an as-converted basis, for $9.75 per share in
cash. The merger has been approved by the Board of Directors of
TransMontaigne. Upon completion of the merger, TransMontaigne will
become a privately held company and its common stock will no longer
be traded on the New York Stock Exchange. Closing of the merger is
subject to the (i) approval of a majority of the outstanding shares
of common stock and Series B Convertible Preferred Stock of
TransMontaigne, on an as-converted basis, voting as a single class
at a special meeting of TransMontaigne's stockholders, (ii)
satisfactory completion of due diligence by SemGroup, (iii) receipt
by SemGroup of the proceeds of the financings substantially upon
the terms set forth in the commitment letters and (iv) receipt of
customary regulatory approvals, including the expiration or
termination of the applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976.
TransMontaigne will solicit stockholder approval by means of a
proxy statement, which will be mailed to all TransMontaigne
stockholders upon completion of the required Securities and
Exchange Commission filing and review process. Prior to closing of
the merger, TransMontaigne will make provision to (i) either redeem
or defease TransMontaigne's 9-1/8% Series B Senior Subordinated
Notes pursuant to the terms and conditions thereof, or (ii) amend
the terms and conditions of the Notes to permit them to remain
outstanding following the closing of the merger. TransMontaigne
Partners L.P. (NYSE:TLP) will remain a public company, subject to
the periodic filing requirements with the Securities and Exchange
Commission, and its common units will continue to be listed and
traded on the New York Stock Exchange. UBS Investment Bank acted as
financial advisor and provided a fairness opinion to
TransMontaigne, Morrison & Foerster LLP served as legal counsel
to TransMontaigne, and Hall, Estill, Hardwick, Gable, Golden &
Nelson, PC served as legal counsel to SemGroup. Additional
Information and Where to Find It TransMontaigne will promptly file
with the Securities and Exchange Commission a current report on
Form 8-K, which will include the merger agreement and related
documents. The proxy statement that TransMontaigne plans to file
with the Securities and Exchange Commission and mail to its
stockholders will contain information about TransMontaigne, the
proposed merger and related matters. Stockholders are urged to read
the proxy statement carefully when it is available, as it will
contain important information that stockholders should consider
before making a decision about the merger. In addition to receiving
the proxy statement from TransMontaigne by mail, stockholders also
will be able to obtain the proxy statement, as well as other
filings containing information about TransMontaigne, without
charge, from the Securities and Exchange Commission's website
(http://www.sec.gov) or, without charge, from TransMontaigne at
http://www.transmontaigne.com. This announcement is neither a
solicitation of proxy, an offer to purchase, nor a solicitation of
an offer to sell shares of TransMontaigne. TransMontaigne and its
executive officers and directors may be deemed to be participants
in the solicitation of proxies from TransMontaigne's stockholders
with respect to the proposed merger. Information regarding any
interests that TransMontaigne's executive officers and directors
may have in the transaction will be set forth in the proxy
statement. About TransMontaigne Inc. TransMontaigne Inc. is a
refined petroleum products marketing and distribution company based
in Denver, Colorado, with operations in the United States,
primarily in the Gulf Coast, Midwest and East Coast regions. The
Company's principal activities consist of (i) terminal, pipeline,
and tug and barge operations, (ii) marketing and distribution,
(iii) supply chain management services and (iv) managing the
activities of TransMontaigne Partners L.P. (NYSE:TLP). The
Company's customers include refiners, wholesalers, distributors,
marketers, and industrial and commercial end-users of refined
petroleum products. Corporate news and additional information about
TransMontaigne Inc. is available on the Company's website:
www.transmontaigne.com. About SemGroup, L.P. SemGroup, L.P. is a
privately held midstream service company providing the energy
industry means to move products from the wellhead to the wholesale
marketplace. SemGroup has five main energy stream business markets
- crude oil, refined petroleum products, natural gas, natural gas
liquids and asphalt - and serves them through its various North
American subsidiaries. SemGroup is ranked No. 9 on Forbes
magazine's list of America's Largest Private Companies. For
additional information, visit www.semgrouplp.com. FORWARD-LOOKING
STATEMENTS This press release includes statements that may
constitute forward-looking statements made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995. This information may involve risks and uncertainties that
could cause actual results to differ materially from the
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are based
on reasonable assumptions, such statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected.
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