Offen Petroleum and Bosselman Agree to Terminate Acquisition Agreement
Offen Petroleum (Commerce City, Colo.), an independent fuel distributor, Bosselman Energy (Grand Island, Neb.), a fuel distributor, and Bosselman Carriers LLC, a fuel transportation company, announced May 19 that they have mutually agreed to end their agreement pursuant to which Offen would have acquired Bosselman.
The pending agreement was announced March 11, 2020, and was set to close in April 2020.
The COVID-19 crisis has had a significant impact on the transaction. Both Offen and Bosselman have had to redirect their focus into coping with the pandemic. According to Fred Bosselman, owner of the Bosselman companies, “Due to the COVID-19 pandemic we have run into several challenges in completing due diligence and have decided to redirect our focus to our team, our customers, and the communities we do business in.”
Both companies agree that the acquisition would have resulted in long-term strategic benefits. According to Bill Gallagher, CEO of Offen, “While we are disappointed that we cannot move forward at this time, ending the transaction is the appropriate action considering the impact of the pandemic.”
Both companies are grateful to their employees, suppliers, and customers and are dedicated to carrying out their missions throughout this health and economic crisis.
The pending agreement was announced March 11, 2020, and was set to close in April 2020.
The COVID-19 crisis has had a significant impact on the transaction. Both Offen and Bosselman have had to redirect their focus into coping with the pandemic. According to Fred Bosselman, owner of the Bosselman companies, “Due to the COVID-19 pandemic we have run into several challenges in completing due diligence and have decided to redirect our focus to our team, our customers, and the communities we do business in.”
Both companies agree that the acquisition would have resulted in long-term strategic benefits. According to Bill Gallagher, CEO of Offen, “While we are disappointed that we cannot move forward at this time, ending the transaction is the appropriate action considering the impact of the pandemic.”
Both companies are grateful to their employees, suppliers, and customers and are dedicated to carrying out their missions throughout this health and economic crisis.
SOURCE: The Weekly Propane Newsletter, May 21, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.
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