Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Susser Holdings (UNKNOWN:SUSS.DL) and Susser Petroleum Partners (UNKNOWN:SUSP.DL) jumped 36% and 21%, respectively, following a buyout offer.

So what: Energy Transfer Partners (NYSE:ETP) will pay either $80.25 in cash, 1.45 shares of ETP, or a combination of both for each share of Susser Holdings, which operates hundreds of Stripes convenience stores in Texas, New Mexico, and Oklahoma. This will give the company control of wholesale fuel distributor Susser Petroleum Partners, where management said the retail businesses of Susser and Sunoco into one retail business.

Now what: With Energy Transfer Partners shares down today, the cash offer is most attractive to shareholders; there's even $3 in upside after today's pop. There's always a possibility the deal won't go through, so if you're looking to cash out that upside may be worth giving up to eliminate the risk. Long term, this makes a formidable gas retailer. But with consumption falling over the past decade, it's not a market I'd buying into, so I'd be a seller on the pop today.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.