Key Developments: Crestwood Midstream Partners LP (CMLP.N)
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Latest Key Developments (Source: Significant Developments)
Crestwood Midstream Partners LP Announces Second Quarter 2013 Distribution
Crestwood Midstream Partners LP announced that it is maintaining its quarterly distribution of $0.51 per unit, or $2.04 per unit on an annualized basis, for the quarter ended June 30, 2013. This distribution will be payable on August 9, 2013, to unitholders of record on August 1, 2013. Full Article
Federman & Sherwood Announces Securities Class Action Lawsuit Against Crestwood Midstream Partners LP
Federman & Sherwood Announced that on June 17, 2013, a class action lawsuit was filed in the United States District Court for the Southern District of Texas against Crestwood Midstream Partners LP (Crestwood). The complaint alleges violations of federal securities laws, Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9, including allegations of issuing a series of material or false misrepresentations with respect to the proposed takeover of Crestwood by Inergy, L.P., thereby affecting all holders of Crestwood who owned units on May 6, 2013. Plaintiff seeks to recover damages on behalf of all Crestwood Midstream Partners LP unitholders due to false and misleading information contained in a proxy statement disseminated by Crestwood and its Board, all in connection with Crestwood's attempt to consummate its proposed acquisition by Inergy under an unfair process and for an unfair price. On May 6, 2013, Crestwood and Inergy announced they had entered into a definitive agreement, whereby Inergy would acquire all of Crestwood's outstanding units. Full Article
Levi & Korsinsky Notifies Investors With Losses on Their Investment in Crestwood Midstream Partners LP of Class Action Lawsuit and Deadline of August 16, 2013 to Seek Lead Plaintiff Position
Levi & Korsinsky announced that a class action lawsuit was filed in the United States District Court for the Southern District of Texas on behalf of all holders of Crestwood Midstream Partners LP stock on May 6, 2013, in connection with the proposed sale of Crestwood to Inergy, L.P. The complaint alleges Crestwood disseminated a false and misleading proxy statement in violation of ยง14(a) of the 1934 Act and SEC Rule 14a-9 promulgated thereunder in connection with the proposed transaction. In particular, it is alleged that Crestwood omitted, among other things, material facts pertaining to: (i) the events that led to the proposed acquisition; (ii) the analysis conducted by the Board's financial advisors, and (iii) potential conflicts of interest concerning certain parties to the transaction. The complaint also alleges that Crestwood breached its fiduciary duties to stockholders by entering into the proposed transaction pursuant to an unfair sales process and at an unfair price. Full Article
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Crestwood Midstream Partners LP
Robbins Geller Rudman & Dowd LLP (Robbins Geller) announced that a class action has been commenced in the United States District Court for the Southern District of Texas on behalf of all holders of Crestwood Midstream Partners LP common units on May 6, 2013, in connection with the proposed takeover of Crestwood by Inergy, L.P. (Inergy). Full Article
Lifshitz Law Firm Announces Investigation Of Crestwood Midstream Partners LP
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Crestwood Midstream Partners LP (CMLP) to Inergy Midstream LP ("Inergy"). Crestwood Midstream unitholders will receive 1.070 common units of Inergy Midstream for each unit of Crestwood Midstream they own in addition to a one-time cash payment at closing of the merger of $1.03 per unit. Lifshitz Law Firm's investigation is focused on whether the proposed deal provides adequate value to the Crestwood Midstream's unitholders. Full Article
Law Firm Brower Piven Announces Investigation of Crestwood Midstream Partners LP Proposed Buyout
The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Crestwood Midstream Partners LP and other violations of state law by the board of directors of Crestwood relating to the proposed acquisition of the Company by Inergy, L.P. (Inergy) and Inergy Midstream, L.P. (Inergy Midstream). The firm`s investigation seeks to determine, among other things, whether the board of directors of Crestwood breached their fiduciary duties by failing to maximize shareholder value. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Crestwood Midstream Partners LP
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of Crestwood Midstream Partners LP concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Inergy Midstream LP (Inergy) in a transaction valued at approximately $1.25 billion. Investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Crestwood. Full Article
Crestwood Midstream Partners LP Reaffirms FY 2013 EBITDA Guidance
Crestwood Midstream Partners LP announced that for fiscal 2013, it expects adjusted EBITDA to be in the range of $170 million to $185 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $179 million for fiscal 2013. Full Article
Crestwood Midstream Partners LP Announces First Quarter 2013 Distribution
Crestwood Midstream Partners LP announced that it is maintaining its quarterly distribution of $0.51 per unit, or $2.04 per unit on an annualized basis, for the quarter ended March 31, 2013. This distribution will be payable on May 10, 2013, to unitholders of record on April 30, 2013. Full Article
Crestwood Midstream Partners LP Prices Public Offering Of Common Units
Crestwood Midstream Partners LP announced that it has priced its public offering of 4,500,000 common units representing limited partner interests at $23.90 per unit. Crestwood has granted the underwriters a 30-day option to purchase up to 675,000 additional common units. Crestwood intends to use the net proceeds from the offering, including the proceeds from any exercise of the underwriters' option to purchase additional common units, to reduce the indebtedness outstanding under its revolving credit facility and the Crestwood Marcellus Midstream LLC revolving credit facility, and for general partnership purposes. The amount repaid under Crestwood's revolving credit facility may be reborrowed by Crestwood and used to fund both future acquisitions and growth capital expenditures. Citigroup, Barclays, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering. Ladenburg Thalmann & Co. Inc. is acting as the co-manager for the offering. Full Article
Crestwood, Inergy combine to tap energy infrastructure demand
- Crestwood Midstream Partners LP and Inergy Midstream LP agreed to merge in a cash and stock deal to tap demand for pipeline and storage services in North America's fast-developing shale fields.

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