Tesoro Pounces on Western Refining; Valuation Reasonable While Strategy Is Sound
Tesoro announced plans to acquire Western Refining for 0.4350 shares of Tesoro or $37.30 per share based on the Nov. 16 closing price. Including the assumption of $1.7 billion in debt and the $605 million market value of Western’s non-controlling interest in Western Refining Logistics, the transaction represents an enterprise value of $6.4 billion. We plan to adjust our fair value estimate for Western to reflect the offer price as we see the deal as likely to close. While Tesoro is paying a prem...HollyFrontier is a petroleum refiner that produces products such as gasoline, diesel fuel, jet fuel, other lubricant products, and specialty and modified asphalt. The company's segments are: Refining, which involves the purchase and refining of crude oil and wholesale and marketing of refined products; Lubricants and Specialty Products, which includes the production of lubricant products such as base oils, white oils, other products and finished lubricants; and the company's subsidiary, Holly Energy Partners, L.P., which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and processing units.
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