TransMontaigne Inc. Receives Proposal from Morgan Stanley
27 Aprile 2006 - 5:05PM
Business Wire
TransMontaigne Inc. (NYSE: TMG) today announced that it has
received a proposal from Morgan Stanley Capital Group Inc. to
acquire the Company at a price of $10.50 per share, in cash, and
otherwise on substantially the same terms as the Company's pending
sale to an affiliate of SemGroup, L.P. Morgan Stanley's proposal is
subject only to (1) satisfactory review and approval of the
disclosure schedule and other schedules and exhibits to the
SemGroup merger agreement, (2) satisfactory completion of
confirmatory due diligence, which Morgan Stanley is prepared to
commence immediately and which they believe can be completed, with
our cooperation, in five days, and (3) execution of a definitive
merger agreement. A copy of Morgan Stanley's proposal is filed as
"Item 4. Purpose of Transaction" in Amendment No. 2 to Schedule 13D
filed by Morgan Stanley with the Securities and Exchange Commission
on April 26, 2006. The Company's Board of Directors will meet as
soon as possible to evaluate Morgan Stanley's proposal to determine
whether it currently constitutes, or may become, a superior
proposal. If the Company's Board of Directors determines, in its
sole judgment after consultation with its advisors, that the Morgan
Stanley proposal currently constitutes, or may become, a superior
proposal, then the Board of Directors will authorize management to
commence negotiations with Morgan Stanley. TransMontaigne Inc. is a
refined petroleum products marketing and distribution company based
in Denver, Colorado, with operations in the United States,
primarily in the Gulf Coast, Midwest and East Coast regions. The
Company's principal activities consist of (i) terminal, pipeline,
and tug and barge operations, (ii) marketing and distribution,
(iii) supply chain management services and (iv) managing the
activities of TransMontaigne Partners L.P. (NYSE:TLP). The
Company's customers include refiners, wholesalers, distributors,
marketers, and industrial and commercial end-users of refined
petroleum products. Corporate news and additional information about
TransMontaigne Inc. is available on the Company's web site:
www.transmontaigne.com Forward-Looking Statements This press
release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. This information
may involve risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements. Although
the Company believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions,
such statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected.
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