â¢ Phillips 66 urged investors not to accept an unsolicited mini-tender offer put forth by TRC Capital Corp. TRC offered to purchase up to three million shares of Phillips 66, which represents about half of 1 percent of the company's outstanding common stock. TRC offered $31.30 per share, which was below Phillips 66's $34 share price on the same day.
â¢ Marathon Petroleum Corp. (MPC) filed a Form S-1 with the U.S. Securities and Exchange Commission for an initial public offering of its midstream assets, known as MPLX LP. MPC formed MPLX LP as its primary vehicle to own, operate, develop and acquire crude oil, refined products and other hydrocarbon-based product pipelines and other assets. MPC's Speedway LLC convenience store division will remain under the parent company's umbrella and be unaffected by the transaction.
â¢ Kroger Co. plans to open more convenience stores that focus on fresh food. However, CFO Michael Schlotman said the move is not a large enough venture to qualify as a full test. Kroger is building the larger c-stores in markets where it already operates full-size grocery stores as it attempts to recreate positive results from areas such as Wichita, Kan., where it operates Dillon's grocery stores and Kwik Shop c-stores. No specific markets were identified for the new focus.
â¢ Sheetz Inc. is among the first convenience stores to install Soft Heat by BUNN, a new coffee brewing technology. The move represents a $7.5-million investment in the company's coffee technology; the convenience store chain will still brew its famous Sheetz Bros Coffeez. Along with this switch, Sheetz is also introducing new flavor dispensers that give customers 20 possible flavor shot combinations.