HOUSTON, Nov. 15, 2007 (PRIME NEWSWIRE) -- In response to a public disclosure by MarkWest Energy Partners, L.P., Targa Resources Partners LP (Nasdaq:NGLS) confirms today that it had made an indicative proposal to acquire MarkWest Hydrocarbon, Inc. and MarkWest Energy Partners. This proposal was based on limited information available to Targa Resources Partners at the time. Although Targa Resources Partners requested additional current information and the ability to enter into discussions with MarkWest management, the MarkWest entities did not provide such information and the parties never entered into substantive negotiations.
Based on the limited available information, Targa Resources Partners believes that there are significant strategic and financial benefits for all parties, and if the acquisition were to occur under the indicated terms it would be immediately accretive to current unitholders of Targa Resources Partners. Targa Resources Partners' proposed combination with MarkWest Hydrocarbon and MarkWest Energy Partners was contingent upon both companies accepting Targa Resources Partners' respective offers, completion of satisfactory due diligence and the receipt of board and other customary approvals. Whereas MarkWest Hydrocarbon considered Targa Resources Partners' proposal likely to lead to a superior proposal, MarkWest Energy Partners indicated it was not for sale and refused to discuss the potential merits of a business combination.
About Targa
Targa Resources Partners was formed by Targa Resources, Inc. to engage in the business of gathering, compressing, treating, processing and selling natural gas and fractionating and selling natural gas liquids and natural gas liquids products. Targa Resources Partners currently operates in southwest Louisiana, the Permian Basin in west Texas and the Fort Worth Basin in north Texas. A subsidiary of Targa Resources, Inc. is the general partner of Targa Resources Partners. Targa Resources Partners owns an extensive network of integrated gathering pipelines, seven natural gas processing plants and two fractionators.
Targa Resources Partners' principal executive offices are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is 713-584-1000.
Forward-Looking Statements
Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that Targa Resources Partners expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Targa Resources Partners' control, which could cause results to differ materially from those expected by management of Targa Resources Partners. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including declines in the production of natural gas or in the price and market demand for natural gas and natural gas liquids, the timing and success of business development efforts, the credit risk of customers and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in Targa Resources Partners' Annual Report on Form 10-K for the year ended December 31, 2006 and other reports filed with the Securities and Exchange Commission. Targa Resources Partners undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.