Buckeye GP Holdings LP (NYSE: BGH), a pipeline operator, has turned down a $17 per unit tender offer from ArcLight Capital Partners and Kelso & Co. The two firms — along with Lehman Brothers – bought a 63% stake in Buckeye from Carlyle-Riverstone last year. In a regulatory filing, Buckeye said that the $17 per unit price “is inadequate and that the tender offer is otherwise not in the best interests of the holders of units.”
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