Adams Resources & Energy Shareholders Endorse Strategic Acquisition
Shareholders Approve Acquisition of Adams Resources
HOUSTON — Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) has reached a significant milestone as its stockholders have voted overwhelmingly in favor of an acquisition by an affiliate of Tres Energy LLC. This decision, made during a recent special meeting, marks a pivotal moment for the company and its stakeholders.
Details of the Acquisition
Under the approved merger agreement, stockholders of Adams Resources will receive a substantial $38.00 per share in cash for each share of their common stock prior to the merger's effective date. This acquisition not only reflects a strong vote of confidence by shareholders but also speaks to the strategic growth plans of Adams Resources under new ownership.
Shareholder Involvement
Approximately 77% of the company’s outstanding shares were represented at the meeting, and over 76% voted in favor of the merger. The final results of the voting, along with further details and implications of the acquisition, will be documented in a Form 8-K to be filed with the Securities and Exchange Commission (SEC).
Timeline for Completion
The merger is anticipated to be finalized by early February, pending the satisfaction of customary closing conditions. This timeline indicates a proactive approach by both parties to expedite the transition and ensure a seamless integration.
Company Background
Adams Resources & Energy operates within the oil and gas sector, specializing in crude oil marketing, transportation, and terminalling, as well as the tank truck transport of various chemicals. The company, through its subsidiaries like GulfMark Energy, Service Transport Company, and others, is well-positioned in the energy market to leverage new opportunities stemming from this acquisition.
The Role of Tres Energy LLC
Tres Energy LLC, a privately-owned company, focuses on investing in and managing strategic energy assets across the United States. Their involvement in this acquisition signifies a commitment to enhancing the operational capabilities and market reach of Adams Resources.
Future Prospects
The acquisition is expected to create new avenues for growth and innovation within the company. Stakeholders are optimistic that under Tres Energy’s management, Adams Resources will benefit from enhanced resources, strategic direction, and potentially increased profitability.
Company Contact Information
For further inquiries regarding this acquisition, interested parties may contact:
Tracy E. Ohmart
EVP, Chief Financial Officer
tohmart@adamsresources.com
(713) 881-3609
Frequently Asked Questions
What does the acquisition by Tres Energy mean for Adams Resources?
The acquisition aims to enhance operational capabilities and market presence, potentially increasing profitability for the company.
When is the merger expected to be finalized?
The merger is expected to close in early February, pending customary closing conditions.
How much will shareholders receive per share?
Shareholders will receive $38.00 in cash for each share they own prior to the merger.
What percentage of shareholders voted in favor of the acquisition?
Over 76% of the company's outstanding shares were voted in favor of the acquisition.
Who can be contacted for more information regarding the acquisition?
Tracy E. Ohmart, EVP and Chief Financial Officer, can be contacted for further information.
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