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...
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