American Midstream Gets $6.10/unit Buyout Offer From Arclight; Stock Up

(RTTNews) - American Midstream Partners LP (AMID) said that board of Directors of American Midstream GP, LLC has received an unsolicited non-binding proposal from affiliates of ArcLight Energy Partners Fund V, L.P., directed to members of the GP Board, pursuant to which ArcLight would acquire all common units of the Partnership that ArcLight and its affiliates do not already own in exchange for $6.10 per common unit.

If approved, it is currently expected that the transaction would be consummated through a merger of the Partnership with a subsidiary of ArcLight.

The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts Committee of the GP Board, the approval by holders of a majority of the outstanding common units of the Partnership, and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction.

In Friday pre-market trade, AMID is currently trading at $6.10 , up $0.35 or 6.09 percent.