MarkWest Energy Partners (MWE) announced Monday morning that it has agreed to merge with MPLX LP (MPLX) in a unit-for-unit transaction. MarkWest will become a wholly owned subsidiary of MPLX.
MarkWest Energy Partners gapped up sharply Monday, but traded in a range for the majority of the session. Shares finished with a gain of 8.34 at $68.09 on the highest volume of the year. The stock jumped to a 2-month high.
MPLX gapped open lower Monday and steadily declined until mid-morning. The stock closed down by 10.02 at $59.03 on the highest volume of the year. MPLX closed testing support, trading at a 7-month low.
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