Bank of America Investment Banking Pitch Book
Introduction
Executive Summary (Cont'd)
2
Process Considerations
I
If SCR makes an offer to SIRE, SIRE will likely form a conflicts committee of independent directors which, with the advice of its
financial and legal advisors, will negotiate the terms of the transaction on behalf of the unaffiliated unitholders
Negotiations in precedent transactions have typically lasted from a few weeks to several months
A unitholder consent will be required; however, since SCR controls a majority of the common units of SIRE, it can approve
the transaction alone
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all
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An initial proposal at a 0% premium to current trading levels would be consistent with recent precedent MLP buy-in proposals
Subject to any unforeseen market or macro disruption and/or moves following announcement of an initial offer, precedent
transactions would imply that the final negotiated premium would likely be in the low to high-teens rangeView entire presentation