Wednesday, November 25,  4:02 pm

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Houston oil and gas transportation, processing and storage provider Enterprise Products Partners LP offered Wednesday, April 29, to buy the outstanding partnership interests of Teppco Partners LP for $2.8 billion in stock and cash, but Teppco rejected the bid.

Enterprise has offered 1.043 of an Enterprise common unit and $1 in cash for each Teppco unit, or 109.5 million Enterprise units worth $2.7 billion as of Tuesday's close and $105 million in cash. Enterprise said the deal works out to $21.89 per unit, a premium of 4.8% over Teppco's closing price on March 6, the day before it made its proposal to Teppco.

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