Core Viewpoint - Adams Resources & Energy, Inc. has entered into a definitive agreement to be acquired by an affiliate of Tres Energy LLC in an all-cash transaction valued at approximately $138.9 million [1][2]. Transaction Details - Stockholders of Adams will receive $38.00 per share in cash, representing a 39% premium over the closing share price of $27.32 on November 11, 2024, and a 53% premium to the three-month volume-weighted average price [2]. - Upon completion, Adams will cease trading on the NYSE American and will become a private company [2]. Strategic Goals - The acquisition is seen as a successful completion of a journey for shareholders, aiming to restructure the company and unlock more value from its assets [3]. - The transition back to a private company is expected to create efficiencies and new entrepreneurial opportunities for both the company and its employees [3]. Management Statements - The CEO of Adams expressed enthusiasm about joining the Buyer’s team, highlighting the opportunity to innovate freely and focus on long-term goals without the pressures of being a public company [4]. - The Board of Directors has unanimously approved the transaction and recommends stockholders vote in favor [4]. Advisors - GulfStar Group, Ltd. is the financial advisor to Adams, while Houlihan Lokey Capital, Inc. advises the Board of Directors. Legal counsel for Adams is provided by Locke Lord LLP, and Tres Energy LLC is represented by King & Spalding LLP [5]. Timeline - The transaction is expected to close in the first quarter of 2025, pending customary closing conditions and stockholder approval [4]. Company Background - Adams Resources & Energy, Inc. is involved in crude oil marketing, transportation, and storage, as well as recycling and repurposing of various fuels and chemicals through its subsidiaries [10]. - Tres Energy LLC is a privately held company that invests in and operates strategic energy assets across the United States [11].
Adams Resources & Energy, Inc. to be Acquired by an Affiliate of Tres Energy LLC