Adams Resources & Energy Stockholders Approve Sale to Tres Energy Affiliate
Deal News | Jan 29, 2025 | Globenewswire
Adams Resources & Energy, Inc., a company engaged in crude oil marketing, transport, and recycling services, announced its stockholders have approved an acquisition by an affiliate of Tres Energy LLC. The acquisition, discussed at the company's special stockholder meeting, will entail a purchase price of $38.00 per share for Adams stockholders. Garnering approval from over 76% of the outstanding shares, the merger is expected to finalize in February 2025, contingent on customary closing conditions. Forward-looking statements released predict benefits post-acquisition but caution investors about potential risks and uncertainties that could affect the transaction's outcome. These include dependency on closing conditions, the impact on management and customer relations, and wider economic challenges. Adams Resources operates various subsidiaries engaged in crude oil and chemical transportation and storage, while Tres Energy invests in and operates energy assets in the U.S.
Sectors
- Energy
- Transportation and Logistics
- Mergers & Acquisitions
Geography
- United States – Both Adams Resources & Energy, Inc. and Tres Energy LLC operate within the United States, and the acquisition transaction is taking place here.
Industry
- Energy – This sector relates to companies involved in the production, marketing, transportation, and supply of energy, including crude oil, natural gas, coal, and renewable resources. Adams Resources & Energy, Inc. and Tres Energy LLC are key players in this field.
- Transportation and Logistics – Adams Resources & Energy, Inc. is heavily involved in transportation services such as tank truck transportation of liquid chemicals, reflected in its subsidiaries' operations.
- Mergers & Acquisitions – The article discusses a merger transaction where an affiliate of Tres Energy LLC is acquiring Adams Resources & Energy, showcasing typical M&A activities.
Financials
- $38.00 per share – The cash amount each Adams stockholder will receive for each share of common stock owned prior to the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adams Resources & Energy, Inc. | Target | Company | Engaged in crude oil marketing, transportation, terminalling, and storage, along with recycling and repurposing of off-spec fuels through various subsidiaries. |
| Tres Energy LLC | Bidding Company | Company | A privately-held company investing in and operating strategic energy assets across the United States. |
| Stockholders of Adams Resources & Energy, Inc. | Selling Company | People | Approved the acquisition by voting in favor of the merger with Tres Energy affiliate. |