GasLog Partners LP Receives Buyout Offer From GasLog Ltd. For $7.70/Share

Author: Benzinga Newsdesk | January 25, 2023 05:33pm

GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE:GLOP), an international owner and operator of liquefied natural gas (“LNG”) carriers, today announced that its board of directors received an unsolicited non-binding proposal from GasLog Ltd. (“GasLog”) to acquire all of the outstanding common units representing limited partner interests of the Partnership not already beneficially owned by GasLog. In connection with the proposed transaction, each common unit would receive overall value of $7.70 per common unit in cash, consisting in part of a special distribution by the Partnership of $2.33 per common unit in cash to be distributed to the Partnership’s unitholders immediately prior to the closing of the proposed transaction and the remainder to be paid by GasLog as merger consideration at the closing of the proposed transaction. A copy of the offer letter containing GasLog’s non-binding proposal is attached as Exhibit 1 to Amendment No. 3 to the Schedule 13D filed by GasLog with the Securities and Exchange Commission (“SEC”) on January 25, 2023, available at http://www.sec.gov.

The Partnership’s board of directors has authorized its conflicts committee, consisting only of non-GasLog affiliated directors, to retain advisors and to review, evaluate, negotiate and accept or reject the proposed transaction. GasLog’s proposal is non-binding and is subject to the negotiation and execution of mutually acceptable definitive documentation. There can be no assurance that any definitive documentation will be executed or that any transaction will materialize.

Posted In: GLOP