8 thoughts on “Who Was Party C?”

    • Party C is busy.

      Party C had indicated they were currently pursuing another large strategic opportunity and therefore would not participate in exploring a strategic transaction with Brigham at that time;

      On May 16, 2022, Party C contacted Goldman Sachs and indicated they were no longer pursuing the other strategic opportunity and would like to pursue a strategic combination with Brigham.

      Party C, a publicly traded mineral and royalty company, proposed a combination in which holders of Brigham Class A Common Stock and Brigham Opco LLC Units would receive a fixed number of shares of Party C common stock, implying a value of $27.18 per share of Brigham Class A Common Stock as of close of trading on July 7, 2022 (compared to the closing trading price of Brigham Class A Common Stock on July 7, 2022 of $24.59), with Brigham stockholders owning a minority of the combined company. Party C indicated a willingness to add one representative of Brigham to Party C’s board of directors at the closing of the transaction. In addition, Party C indicated a potential willingness and to consider providing a portion of the consideration in cash if desired by Brigham.

      On July 16, 2022, Mr. Rob Roosa, Brigham’s Chief Executive Officer, had separate conversations with each of Mr. Conoscenti and the Chief Executive Officer of Party C regarding a potential strategic transaction and requested revised proposals from each of Sitio and Party C.

      Party C’s revised proposal contemplated a combination in which holders of Brigham Class A Common Stock and Brigham Opco LLC Units would receive a fixed number of shares of Party C common stock, implying a value of $26.47 per share of Brigham Class A Common Stock as of the close of trading on July 22, 2022 (compared to the closing trading price of Brigham Class A Common Stock on July 22, 2022 of $23.13), representing a reduction in the proposed exchange ratio from Party C’s July 8 proposal. In addition, Party C continued to indicate a potential willingness to consider providing a portion of the consideration in cash if desired by Brigham. Party C’s revised proposal also noted that Party C did not expect to have full approval of its board of directors to submit a further revised proposal for the next several weeks. On July 25, 2022 and July 29, 2022, representatives of Goldman Sachs relayed to Credit Suisse requests for Sitio to provide certain financial and operational information of Sitio.

      OKAY…THIS is getting tiring. damn it.

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  2. Tyler Glover has zero experience handling a 2B acquisition. Brigham is a more sophisticated actor. Tyler Glover is simply outmatched in such a deal. This again shows the magnitude of proposal 4. Imagine giving a guy like Tyler a blank check book. Scary stuff

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    • Party C, seems as if it could be TPL given the reference to Party C having a large shareholder, ample cash, and a dis-unified board. They initially declined to participate in the process that led to the transaction in the linked proxy due to being engaged in another large transaction. When the original deal they were engaged with died, the engaged in the referenced transaction. It shows that if TPL is Party C, they are looking to do multi-billion dollar deals. Which is troubling given management’s lack of experience with such deals and that it goes against many of the shareholders’ reasons for owning TPL.

      Voting yes on Proposition 4 would give them acquisition currency for a large deal; hence, the reason to vote no on it.

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