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Phillips 66 (PSX) Announces Offer to Acquire Outstanding Publicly Held Common Units of DCP Midstream (DCP)

  • August 18, 2022


StockDCP Midstream, LPSymbolDCP
Date Announced08/17/2022Source Press Release
TypeUnsolicited BidAcquiring Company/Person N/A

Concurrent with Phillips 66’s (PSX) announcement of the realignment of economic and governance interests in DCP Midstream (DCP), Phillips 66 also announced it has submitted a non-binding proposal to the board of directors of the general partner of DCP Midstream offering to acquire all publicly held common units of DCP Midstream for cash.

Phillips 66 (PSX) is proposing consideration of $34.75 for each outstanding publicly-held common unit of DCP Midstream as part of a transaction that would be structured as a merger of DCP Midstream with an indirect subsidiary of Phillips 66 with DCP Midstream as the surviving entity.

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