Holly Energy Partners, L.P.

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Ademi LLP is investigating Holly Energy (NYSE: HEP) for possible breaches of fiduciary duty and other violations of law in its transaction with HF Sinclair.

Holly Energy public unitholders are expected to receive only 0.315 shares of Common Stock and $4.00 in cash, without interest, for each publicly held Common Unit. The transaction agreement unreasonably limits competing bids for Holly Energy by imposing a significant penalty if Holly Energy accepts a superior bid. Holly Energy insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Holly Energy’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Holly Energy.