Adams Resources & Energy, Inc. Stockholders Approve Acquisition by an Affiliate of Tres Energy LLC
Adams Resources & Energy (NYSE AMERICAN: AE) announced that stockholders have approved its pending acquisition by an affiliate of Tres Energy at a special meeting. Under the merger agreement, stockholders will receive $38.00 per share in cash for each share of Adams common stock owned immediately prior to the merger's effective time.
The merger received strong stockholder support, with approximately 77% of outstanding shares participating in the vote and over 76% of outstanding shares approving the transaction. The company will file detailed voting results in a Form 8-K with the SEC. The merger is expected to close in early February 2025, subject to customary closing conditions.
Adams Resources & Energy (NYSE AMERICAN: AE) ha annunciato che gli azionisti hanno approvato l'acquisizione in sospeso da parte di un'affiliata di Tres Energy durante un'assemblea speciale. In base all'accordo di fusione, gli azionisti riceveranno 38,00 dollari per azione in contante per ogni azione di comune di Adams posseduta immediatamente prima dell'efficacia della fusione.
La fusione ha ricevuto un forte sostegno da parte degli azionisti, con circa il 77% delle azioni in circolazione che hanno partecipato al voto e oltre il 76% delle azioni in circolazione che hanno approvato la transazione. L'azienda presenterà i risultati dettagliati del voto in un modulo 8-K presso la SEC. La fusione dovrebbe chiudersi all'inizio di febbraio 2025, soggetta alle normali condizioni di chiusura.
Adams Resources & Energy (NYSE AMERICAN: AE) anunció que los accionistas han aprobado su adquisición pendiente por parte de una afiliada de Tres Energy en una reunión especial. Según el acuerdo de fusión, los accionistas recibirán 38,00 dólares por acción en efectivo por cada acción común de Adams que posean inmediatamente antes del momento efectivo de la fusión.
La fusión recibió un fuerte apoyo por parte de los accionistas, con aproximadamente el 77% de las acciones en circulación participando en la votación y más del 76% de las acciones en circulación aprobando la transacción. La compañía presentará los resultados detallados de la votación en un Formulario 8-K ante la SEC. Se espera que la fusión se cierre a principios de febrero de 2025, sujeta a las condiciones de cierre habituales.
애덤스 리소스 & 에너지 (NYSE AMERICAN: AE)는 주주들이 특별 회의에서 트레스 에너지의 계열사에 의한 인수안에 대해 승인했다고 발표했습니다. 합병 계약에 따라 주주들은 합병의 효력이 발생하기 전 보유한 애덤스 보통주 1주당 38.00달러의 현금을 받게 됩니다.
이번 합병은 주주들로부터 강력한 지지를 받았으며, 약 77%의 발행 주식이 투표에 참여했으며 76% 이상의 발행 주식이 거래를 승인했습니다. 회사는 SEC에 Form 8-K로 상세한 투표 결과를 제출할 것입니다. 이번 합병은 2025년 2월 초에 마무리될 것으로 예상되며, 보통의 마감 조건에 따라 달라질 수 있습니다.
Adams Resources & Energy (NYSE AMERICAN: AE) a annoncé que les actionnaires ont approuvé son acquisition en attente par une filiale de Tres Energy lors d'une assemblée spéciale. Selon l'accord de fusion, les actionnaires recevront 38,00 dollars par action en espèces pour chaque action ordinaire d'Adams détenue immédiatement avant l'entrée en vigueur de la fusion.
La fusion a reçu un fort soutien des actionnaires, avec environ 77% des actions en circulation participant au vote et plus de 76% des actions en circulation approuvant la transaction. La société déposera les résultats détaillés du vote dans un formulaire 8-K auprès de la SEC. La fusion devrait se clôturer début février 2025, sous réserve des conditions habituelles de clôture.
Adams Resources & Energy (NYSE AMERICAN: AE) hat bekannt gegeben, dass die Aktionäre auf einer außerordentlichen Hauptversammlung dem bevorstehenden Erwerb durch ein verbundenes Unternehmen von Tres Energy zugestimmt haben. Laut dem Fusionsvertrag erhalten die Aktionäre 38,00 USD pro Aktie in bar für jede Aktie der Adams-Stammaktien, die sie unmittelbar vor dem Zeitpunkt des Inkrafttretens der Fusion besitzen.
Die Fusion erhielt starke Unterstützung der Aktionäre, wobei etwa 77% der ausstehenden Aktien an der Abstimmung teilnahmen und über 76% der ausstehenden Aktien der Transaktion zustimmten. Das Unternehmen wird die detaillierten Abstimmungsergebnisse auf einem Formular 8-K bei der SEC einreichen. Die Fusion wird voraussichtlich Anfang Februar 2025 abgeschlossen, vorbehaltlich der üblichen Abschlussbedingungen.
- Stockholders to receive $38.00 per share in cash premium
- Strong stockholder support with 76% approval rate
- High voter turnout with 77% of shares represented
- Company will be delisted from NYSE AMERICAN following acquisition completion
Insights
The overwhelming stockholder approval of Adams Resources & Energy's acquisition by Tres Energy , with a 76% approval rate from outstanding shares, signals strong investor confidence in the transaction's value proposition. The
The high voter turnout of
From an industry perspective, this acquisition reflects ongoing consolidation in the energy sector, where smaller players are increasingly attractive targets for private entities seeking to optimize operations and achieve economies of scale. The all-cash nature of the deal provides immediate liquidity and certainty of value for Adams shareholders, eliminating exposure to market volatility and integration risks.
The transaction's structure and timing suggest a well-executed M&A process, with the quick progression from announcement to shareholder approval indicating effective due diligence and stakeholder communication. The formal closing in early February will mark Adams' transition from a public to private entity, concluding its chapter as a NYSE AMERICAN-listed company.
HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) announced today that its stockholders have voted at a special meeting of the Company’s stockholders (the “Special Meeting”) to approve the pending acquisition of the Company by an affiliate of Tres Energy LLC. Under the terms of the merger agreement that was approved at the Special Meeting, Adams stockholders will receive
Approximately
The merger is expected to close in early February 2025, subject to customary closing conditions.
Forward-Looking Statements and Information
This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about the timing of the proposed transaction, Adams’s ability to consummate the proposed transaction and the expected benefits of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (ii) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (iii) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Adams, (iv) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Adams to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (v) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring the Company to pay a termination fee, (vi) unexpected costs, charges or expenses resulting from the Merger, (vii) potential litigation relating to the Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (viii) worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and services and impact the Company’s profitability, and (ix) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, cyber-security vulnerabilities, crude oil pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Adams’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of Adams’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company’s other filings with the SEC.
These forward-looking statements speak only as of the date of this communication, and Adams does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company, whether in response to new information, future events, or otherwise, except as required by applicable law.
There can be no assurance that the proposed transaction will in fact be consummated. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this communication. The Company undertakes no obligation or duty to update or revise any of these forward-looking statements after the date of this communication, whether in response to new information, future events, or otherwise, except as required by applicable law.
About Adams Resources & Energy, Inc.
Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage, tank truck transportation of liquid chemicals and dry bulk and recycling and repurposing of off-spec fuels, lubricants, crude oil and other chemicals through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C., GulfMark Terminals, LLC, Phoenix Oil, Inc., and Firebird Bulk Carriers, Inc. For more information, visit www.adamsresources.com.
About Tres Energy LLC
Tres Energy LLC is a privately held limited liability company that invests in and operates strategic energy assets across the United States. For more information, visit www.tres-energy.com.
Company Contact
Tracy E. Ohmart
EVP, Chief Financial Officer
tohmart@adamsresources.com
(713) 881-3609
FAQ
What is the acquisition price per share for Adams Resources & Energy (AE)?
When is the Adams Resources & Energy (AE) merger expected to close?
What percentage of AE stockholders approved the Tres Energy acquisition?
What was the voter turnout for the AE special meeting on the Tres Energy merger?
Will AE stockholders receive cash or stock in the Tres Energy acquisition?
