Adams: Stockholders Approve Acquisition by Tres Energy Affiliate
Deal News | Jan 29, 2025 | EIN
Adams Resources & Energy, Inc., a company engaged in the oil sector, announced that its stockholders voted to approve the company's acquisition by a Tres Energy LLC affiliate. This acquisition is part of a merger agreement where Adams' stockholders will receive $38 per share in cash. A special meeting confirmed that 77% of outstanding shares were voted, and more than 76% of these supported the merger. The transaction is slated for completion in early February 2025, assuming fulfillment of customary conditions. While Adams expects benefits from the deal, forward-looking statements reveal uncertainties, including potential disruptions and changes that might affect its execution.
Sectors
- Energy
- Private Equity
Geography
- United States – Both Adams Resources & Energy, Inc. and Tres Energy LLC operate within the U.S., with strategic energy assets spanning across the country, making this the relevant geographical focus.
Industry
- Energy – Adams Resources & Energy, Inc. operates in crude oil marketing, transportation, and storage sectors, making this transaction a significant event in the energy industry.
- Private Equity – The acquisition by an affiliate of Tres Energy LLC, a privately held entity involved in investing in strategic energy assets, highlights activity within the private equity sector.
Financials
- $38.00 per share – The cash offer per share to Adams stockholders under the terms of the merger agreement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adams Resources & Energy, Inc. | Target Company | Company | A publicly traded company involved in crude oil marketing, transportation, and storage. |
| Tres Energy LLC | Bidding Company | Company | A private limited liability company investing in strategic energy assets. |