Evercore Investment Banking Pitch Book
Preliminary Valuation Detail - SIRE Financial Projections
Premiums Paid Analysis
Date
Announced
07/28/22
07/25/22
06/02/22
05/25/22
05/16/22
04/22/22
12/20/21
10/27/21
10/04/21
08/23/21
03/05/21
12/15/20
07/27/20
02/27/20
12/17/19
10/01/19
05/10/19
05/08/19
04/02/19
03/18/19
02/05/19
All
Transactions
Cash-for-Unit
PBF Energy Inc. / PBF Logistics LP
Shell USA, Inc. / Shell Midstream Partners, L.P.
Hartree Partners, LP / Sprague Resources LP
Höegh LNG Holdings Ltd / Höegh LNG Partners LP
Diamondback Energy / Rattler Midstream LP
Acquiror / Target
Ergon, Inc. / Blueknight Energy Partners, L.P.
BP p.l.c / BP Midstream Partners LP
Phillips 66 Phillips 66 Partners LP
Stonepeak Infrastructure Partners / Teekay LNG Partners LP
Landmark Dividend / Landmark Infrastructure Partners LP
Chevron Corporation / Noble Midstream Partners LP
TC Energy Corporation / TC PipeLines, LP
CNX Resources Corporation / CNX Midstream Partners
Equitrans Midstream Corporation / EQM Midstream Partners, LP
Blackstone Infrastructure Partners / Tallgrass Energy LP
Brookfield Business Partners L.P./ Teekay Offshore Partners L.P.
IFM Investors / Buckeye Partners, L.P.
MPLX LP / Andeavor (Marathon Petroleum Corporation; Andeavor Logistic
UGI Corporation / AmeriGas Partners, L.P.
ArcLight Energy Partners Fund V, L.P. / American Midstream, LP
SunCoke Energy, Inc. / SunCoke Energy Partners, L.P.
Min
Median
Mean
Max
Min
Median
Mean
Max
Confidential - Preliminary and Subject to Change
For Reference Only
Source: Bloomberg, FactSet, Public filings
Note: No transaction is directly comparable to the Proposed Transaction
Consideration
Cash/Stock-for-Unit
Cash-for-Unit
Cash-for-Unit
Cash-for-Unit
Stock-for-Unit
Cash-for-Unit
Stock-for-Unit
Stock-for-Unit
Cash-for-Unit
Cash-for-Unit
Stock-for-Unit
Stock-for-Unit
Stock-for-Unit
Stock-for-Unit
Cash-for-Unit
Cash-for-Unit
Cash-for-Unit
Unit-for-Unit
Cash/Stock-for-Unit
Cash-for-Unit
Stock-for-Unit
1-Day
Prior Spot
Premium
(3.0%)
23.0%
25.2%
35.0%
17.3%
40.9%
10.8%
4.8%
8.3%
38.4%
16.7%
19.5%
28.1%
(1.5%)
56.4%
28.1%
27.5%
1.8%
13.5%
31.2%
9.3%
(3.0%)
19.5%
20.5%
56.4%
8.3%
29.6%
31.4%
56.4%
1
30-Day
VWAP
13.4%
24.7%
24.1%
39.4%
8.7%
40.7%
3.0%
10.6%
7.6%
35.6%
23.5%
10.0%
16.1%
(11.2%)
22.7%
9.8%
22.9%
0.5%
22.2%
32.0%
31.2%
(11.2%)
22.2%
18.4%
40.7%
7.6%
24.4%
25.9%
40.7%
1. VWAP premiums paid are calculated by dividing the value of the offer, defined as the exchange ratio multiplied by the closing price of the acquiror's shares / units on the last trading day prior to announcement plus any cash
received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement
EVERCORE
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