Tuesday, January 23, 2018

Drop Dead Date for Pilot-Flying J merger extended to April 30


Wednesday, March 31, 2010
by JACK HUMPHREVILLE

It appears the only thing standing in the way of a merger is approval of the government's antitrust authorities.
It appears the only thing standing in the way of a merger is approval of the government's antitrust authorities.

The “Drop Dead Date” for the merger of Flying J and Pilot Travel Centers, originally set as March 31, 2010, has been extended to April 30, 2010.

After the drop dead date, neither party has any obligation to complete the merger.

In addition, the Exclusivity Period was also extended during which Flying J agrees not to have discussions with other acquirers and/or investors.

It appears that the merger is all ready to go.

Due Diligence has been completed, the Transaction Documents are drafted, the Specified Consents from ConocoPhillips and Shell Oil have been received, over $2 billion in financing has been arranged and the Plan of Reorganization filed with the Bankruptcy Court in Delaware has been approved by the creditors. 

There is just one not so minor detail that stands in the way: the approval of the government’s antitrust authorities.

Jack Humphreville can be reached to comment on this article at news@thetrucker.com.

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