Pioneer Natural Resources Co. (PXD) announced that it has submitted a proposal to purchase all of Pioneer Southwest Energy Partners L.P.'s (PSE)outstanding publicly-held units through a stock-for-unit exchange.
Pioneer noted that this proposal was referred to the Conflicts Committee of the general partner of Pioneer Southwest, which will study, review and evaluate the proposal.
Pioneer is proposing consideration of 0.2234 of a share of Pioneer common stock for each outstanding publicly-held Pioneer Southwest common unit. The proposed transaction would be structured as a merger of Pioneer Southwest with a wholly-owned subsidiary of Pioneer.
Pioneer owns 100 percent of the general partner of Pioneer Southwest and owns approximately 52.4 percent of the outstanding common units of Pioneer Southwest.
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