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Tuesday, November 24, 2015

Marathon Continues Putting More Cash Forward for MarkWest Acquisition

From The Courier:
For the second time in a week, Marathon Petroleum Corp. on Tuesday boosted its purchase offer for MarkWest Energy Partners, this time by about $200 million in cash. 
The deal, which MarkWest unitholders will vote on Dec. 1, is now valued at about $10.65 billion, according to Dow Jones News Wires. 
MarkWest, based in Denver, is the nation’s second largest natural gas processor. 
The second increase of the purchase offer came after former MarkWest Chief Executive Officer John Fox said the deal was a bad one, even after Marathon’s improved offer last week, when an additional $400 million in cash was offered. 
He was not impressed Tuesday with Marathon Petroleum’s second increase. Both revisions are “too small and too late … I am still against this awful deal,” Fox said. He recommended MarkWest unitholders vote against the deal.
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