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CNX - Why Units of CNX Midstream Partners Are Skyrocketing Today
CNX Resources Corporation
Units of CNX Midstream Partners(NYSE: CNXM) soared more than 29% by 10:15 a.m. EDT on Monday. Fueling the MLP's surge was a merger agreement with its parent, natural gas producer CNX Resources(NYSE: CNX).
CNX Resources has agreed to acquire all the units of its MLP that it doesn't currently own in an all-stock deal valued at about $357 million. CNX Resources would exchange 0.88 shares of its stock for each unit of CNX Midstream Partners that it doesn't already own. That ratio implies a 15% premium to the MLP's trading price over the past 30 days.