News Releases

Baker Botts Represents the Conflicts Committee of the Board of Directors of PennTex Midstream Partners, LP in Tender Offer to Purchase Common Units for $20.00 per Unit in Cash from Energy Transfer Partners, L.P.

Deal Description: June 2, 2017 – PennTex Midstream Partners, LP (the “Partnership”) (NASDAQ: PTXP) announced on June 1, 2017 that the Conflicts Committee (“Conflicts Committee”) of the Board of Directors of the Partnership’s general partner unanimously determined that the price being offered in the tender offer by Energy Transfer Partners, L.P. (“ETP”) to acquire all of the outstanding common units representing limited partner interests in the Partnership that are not already owned by ETP for $20.00 per common unit in cash is fair to the Partnership’s common unitholders (other than ETP and its affiliates). The Conflicts Committee recommends, on behalf of the Partnership, that unitholders accept the tender offer and tender their common units pursuant to the tender offer.

The Conflicts Committee is composed solely of independent directors who meet the requirements for membership on the Conflicts Committee set forth in the Partnership’s agreement of limited partnership. 

The Partnership filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission.

Baker Botts represented the Conflicts Committee in this transaction.

Baker Botts Lawyers/Office Involved: Josh Davidson (Partner, Houston); AJ Ericksen (Partner, Houston); David Sterling (Partner, Houston); Jamie Yarborough (Associate, Houston) Sunil Jamal (Associate, Houston).


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