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Teekay LNG Partners L.P. (TGP)

NYSE - NYSE Delayed Price. Currency in USD
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16.90-0.01 (-0.06%)
At close: 04:00PM EST
16.90 0.00 (0.00%)
After hours: 07:04PM EST
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  • h
    henry
    I was looking to buy in here, but as I read more it looks like this is a self enrichment scheme for everyone excepting the current shareholders of the company. How can you possibly sell the hotest commodity delivery system sooooooo cheap?England needs more LNG, so does the EU, so does China. No one can get enough there is nowhere but up in value for the delivery companies. I feel sorry for current share holders having to take crumbs and leaving the fortunes to the big boys.
  • R
    R
    The acquisition was approved.

    HAMILTON, Bermuda, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) today announced that at a special meeting of common unitholders of the Partnership held on December 1, 2021, its common unitholders voted to approve the proposed acquisition by merger of Teekay LNG by Stonepeak Limestone Holdings LP (formerly known as Stonepeak Infrastructure Fund IV Cayman (AIV III) LP) (Stonepeak).
    In addition, Teekay LNG has received all required customer approvals to complete the merger.
    Upon closing of the merger, Teekay LNG’s common unitholders will receive $17.00 per common unit in cash. The merger is currently anticipated to close in mid-January 2022.
  • M
    Michael
    As expected the special meeting yesterday unfortunately approved the merger. We will therefore receive $17 per share.

    This raises the following question for me:
    What is the probability that this will change (for example the price) by mid-January? Otherwise there would also be the option to sell the shares now (at a minimal discount).

    I am sitting here in Germany and have more such candidates in the portfolio (for example current SUNS) and with all the feeling I am simply too far away from the action for such issues.
  • A
    Anonymous
    I’m ok with this … I’m up 40 %
    And I have other energy related stocks that pay a bigger dividend that I can go to…absent this sale TGP price would hover around $16.25…
  • A
    Admiral
    Voted my 26,000 shares NO. Not that it will matter. Btw, I thought I saw a note tick by yesterday (may have been Tradewinds, or Bloomberg) that said Stonepeak was providing money for TGP to purchase new ships. The implication being that they can't do so without this merger - seems dubious to me. Sorry that I couldn't find any evidence for what I thought I saw, but I thought I'd mention it - perhaps someone else saw this too.
  • R
    R
    Looks like TGP had to work hard to show even a small miss on earnings...... and it's particularly nice of the current unitholders to pay for drydock maintenance for the potential new owners.
  • M
    Martin
    There are a number of law firms investigating whether this is a fair deal or not. I think the offer is way undervalued. I hope a lawsuit is filed soon in court before this deal closes. I will definitely vote against it since I own over 17000 shares of the company.
  • A
    Augustine
    Got the election materials today voted AGAINST on both questions. Don’t sell the golden goose. 3,700 shares.
  • t
    the fixer
    doe's anyone know why div has not been paid? & why it is below selling price
  • J
    Jp
    Who the hell sells a company for 8% - 12% over the stock price while paying nearly a 7% dividend? They must be sniffing some natural gas at the headquarters for them to move forward with this sale. Incredable.
  • I
    ILAN
    Maybe they are heavily invested in the purchasing company. LNG tanker rates just doubled. They are selling at book with the wind at their back. Something is very fishy.
  • R
    Richard
    Why is TGP trading for under the sales price? Strange.
  • B
    Bruce
    Dividend paid. So I guess we sell now or we have to wait to get 17?
  • C
    Common Sense
    Any idea when the closing date is besides fourth qtr?
  • R
    R
    I just received a copy of the company's press release...... first of all they shouldn't lead with the title they had unless they actually have 50.1% of the voted shares...... shouldn't that be that the company has been offered a buyout for $6.2 Billion????? I also like that they've increased the "buyout premium" going back "12.3 to 17.5% premium over the volume weighted average price. What a whitewash!

    "Stonepeak to Acquire Teekay LNG in a $6.2 Billion Transaction

    HAMILTON, Bermuda and NEW YORK, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that they have entered into an agreement and plan of merger (the Merger Agreement). Under the Merger Agreement, investment vehicles managed by Stonepeak will acquire (a) all the issued and outstanding common units representing limited partner units in Teekay LNG, including approximately 36.0 million common units owned by Teekay Corporation (Teekay) (NYSE:TK), and (b) 100 percent of Teekay’s ownership in Teekay LNG’s general partner, Teekay GP L.L.C. (Teekay GP), which includes an economic ownership interest equivalent to approximately 1.6 million Teekay LNG common units, for $17.00 per common unit or common unit equivalent in cash (collectively, the Transaction), representing an enterprise value of $6.2 billion, including consolidated and proportionate joint venture net debt, and $1.5 billion in common unit equity value. The $17.00 per unit acquisition price represents a premium of 8.3 percent to the closing price of Teekay LNG’s common units on October 1, 2021 and premiums of 12.3 percent and 17.5 percent to the volume-weighted average price of Teekay LNG’s common units over the last 60 and 180 days, respectively.......... "
  • C
    Common Sense
    I would love to see where the management and board members sit in about 6 to 12 months.
  • c
    charles
    This can't be right, just that fundamentals have improved drastically for the company, they sell out the shareholders at a scant primum. Reading about conflict of interest committe on this transaction, I wonder if shareholders are taken advantage of by interested party.
  • t
    the fixer
    Question I know the buy out is $17! But what happens when it happens and price is
    $17.20 do i get the higher price?
  • R
    R
    Looks like Stifel has surrendered and went from Buy to Hold on TGP following the merger announcement...... this is an excerpt from their 10/4/2021 update on the TGP offer:

    "A merger agreement has been reached for Stonepeak Partners LP to acquire Teekay LNG Partners for a transaction value of $6.2 billion, at approximately $17 per unit, and an 8.3% premium to TGP’s closing price on October 1st, 2021. The transaction received board approval from Teekay Corp., and upon shareholder approval, would be slated to close by the end of 2021. Upon transaction close, the common units of TGP will be de-listed from the NYSE, and the Series A and B preferred units will remain outstanding. At this time, it appears unlikely that any competing bids will materialize due to a.) Teekay Corp's ownership profile, b.) minimal price upside, and c.) the deal has been relatively fully marketed. As a consequence of these factors, we expect the deal to close at year-end at the $17 takeout price and with units now at that price, we are downgrading to Hold."

    There is another paragraph I thought was interesting regarding pricing...... the "dollar or two comment" is still meaningful to many investors and I know I'd feel better with that in the offer:

    "Low But Not Too Low. The takeover bid of $17 per unit represents an 8.5x EV/EBITDA multiple, which is a little bit lower than where we have seen a few other deals (GLOG). We believe a dollar or two may have been left on the table based on our EV/EBITDA of 9.1x on a 2022E EBITDA of $666.4 million, and expect an EV/EBITDA of 9x would be a more wholesome multiple than the current bid. However, TGP's fleet age is relatively older, which is likely baked into the price."
  • T
    Tony
    My vote will be NO

    "The Transaction remains subject to approval by a majority of Teekay LNG’s common unitholders at a special meeting to be held in connection with the Transaction, and the satisfaction or waiver of certain customary closing conditions. Teekay, which currently owns approximately 41 percent of Teekay LNG’s outstanding common units, has entered into a Voting and Support Agreement to vote in favor of the merger. ""