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BPL - Buckeye: Don't Get Doe-Eyed Chasing The Last Distributions
Buckeye Partners L.P.
Buckeye Partners LP (BPL) was a high conviction pick that we backed up the truck on. We bought it at effective prices of $30.90 and $32.25, respectively. BPL announced on May 10 that it agreed to be bought out for a $6.5 billion price tag and we walk you through our thoughts on what investors should think about at this stage.
The offer
BPL agreed to be acquired by entities affiliated with IFM in Melbourne, Australia. The price of sale is $41.50 per unit, completely in cash, and the transaction is valued