SemGroup, L.P. said today that it does not intend to
raise its offer price for TransMontaigne Inc. (NYSE:TMG) and will
instead focus its efforts on other opportunities.
"We are disappointed that the Board of Directors of TransMontaigne
has concluded that Morgan Stanley Capital Group, Inc.'s latest offer
to acquire TransMontaigne is superior to the revised merger agreement
TransMontaigne entered into with SemGroup on May 24, 2006," said Greg
Wallace, SemGroup chief financial officer.
SemGroup officials stated that SemGroup has worked diligently
during the past month with the TransMontaigne management team and
outside advisors to obtain the approvals necessary to consummate the
transaction on an expedited basis. To that end, SemGroup was prepared
to deliver its response to the Federal Trade Commission's Request for
Additional Information shortly and was confident that it would have
been in a position to conclude the transaction by the end of the third
quarter of 2006. "In this environment, it is likely that any
successful bidders will face regulatory challenges to a quick close,"
Wallace said.
SemGroup, L.P. is a midstream service company providing the energy
industry means to move products from the wellhead to the wholesale
marketplace. It is ranked No. 9 on Forbes magazine's list of America's
Largest Private Companies. For additional information, visit
www.semgrouplp.com.
