Pentane Partners LP has offered to buy...

Pentane Partners LP has offered to buy Tesoro Petroleum for cash and stock in a new company plus payment of certain liabilities, in a package for which it is raising $265 million in financing. Pentane already owns 9.7% stake in San Antonio-based Tesoro. The per-share value of the takeover could not be given because it includes shares worth undetermined value in a newly capitalized Tesoro company, plus $6 each in cash. Also, the amount paid to shareholders could rise later, under Pentane’s proposal. Pentane made an unsolicited, highly conditional proposal to buy all Tesoro’s common for $15 a share, or about $204 million, last November but later withdrew it.