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Northern Tier Energy (NTI) Stock Gains on Western Refinery Buyout Offer

NEW YORK (TheStreet) -- Shares of Northern Tier Energy (NTI - Get Report) were gaining 7.4% to $26.03 with heavy trading volume on Monday after the oil refinery company said it received a buyout offer from Western Refinery (WNR).

Western Refinery offered to acquire all outstanding shares of Northern Tier Energy for $17.50 in cash and 0.2266 shares of Western Refinery per each share. The proposal represents a 15% premium over the 20-day volume weighted average price of Northern Tier Energy's share price as of October 23.

Northern Tier Energy said its board of directors is expected to delegates a conflicts committee to consider and respond to the proposal. The committee will engage its own legal and financial advisors when considering the proposal.

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About 2.9 million shares of Northern Tier Energy were traded by 3:51 p.m. Monday, well above the...


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