According to the Complaint, Buckeye Partners, L.P. is a master limited partnership that owns and operates a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing, and marketing of liquid petroleum products.

This action stems from a proposed transaction announced on May 10, 2019, pursuant to which Buckeye Partners, L.P. will be acquired by IFM Global Infrastructure Fund and its affiliates.

On May 10, 2019, the Board of Directors of Buckeye’s general partner, Buckeye GP LLC, caused the Partnership to enter into an agreement and plan of merger with Hercules Intermediate Holdings LLC, Hercules Merger Sub LLC, Buckeye Pipe Line Services Company, and the General Partner. Pursuant to the terms of the Merger Agreement, Buckeye’s unitholders will receive $41.50 in cash for each Buckeye common unit they own.

On June 7, 2019, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.