PBF Logistics Unitholders Approve
Transaction
PARSIPPANY, N.J., Nov. 30,
2022 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) and
PBF Logistics LP (NYSE: PBFX) today announced the completion of the
transactions contemplated by the previously announced agreement and
plan of merger, pursuant to which PBF Energy acquired all of the
common units representing limited partner interests in PBF
Logistics ("PBFX Common Units") not already owned by PBF Energy and
its subsidiaries (the "PBFX Public Common Units") for a combination
of 0.270 of a share of PBF Energy Class A common stock and
$9.25 in cash, without interest, per
PBFX Public Common Unit.
At a special meeting of holders of PBFX Common Units held
earlier today, approximately 42,541,772 (or 67.8 percent) of the
issued and outstanding PBFX Common Units voted to approve the
merger proposal. The merger of PBF Logistics with a subsidiary of
PBF Energy became effective upon the filing of the certificate of
merger with the Secretary of State of the State of Delaware, which occurred today. As a
result of the transaction, PBFX Common Units will no longer be
listed on the New York Stock Exchange, and it will cease to be a
publicly traded company.
Tom Nimbley, PBF Energy's and PBF
Logistics' Chairman and CEO, said, "On behalf of the Boards of
Directors and management team, we thank unitholders for their
support in completing this significant milestone. We are excited to
complete the transaction today and look forward to the continued
success of the combined company."
About PBF Energy
PBF Energy Inc. (NYSE: PBF) is one of
the largest independent refiners in North
America, operating, through its subsidiaries, oil refineries
and related facilities in California, Delaware, Louisiana, New
Jersey and Ohio. Our
mission is to operate our facilities in a safe, reliable and
environmentally responsible manner, provide employees with a safe
and rewarding workplace, become a positive influence in the
communities where we do business, and provide superior returns to
our investors.
Forward-looking Statements
Statements in this press
release relating to future plans, results, performance,
expectations, achievements and the like are considered
"forward-looking statements" (as that term is defined under the
federal securities laws). These forward-looking statements involve
known and unknown risks, uncertainties and other factors, many of
which may be beyond PBF Energy's or PBF Logistics' control, that
may cause actual results to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors and uncertainties that may
cause actual results to differ include but are not limited to the
risks disclosed in PBF Energy's or PBF Logistics' filings with the
SEC. All forward-looking statements speak only as of the date
hereof. Neither PBF Energy nor PBF Logistics undertakes any
obligation to revise or update any forward-looking statements
except as may be required by applicable law.
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SOURCE PBF Energy Inc.
