Energy Transfer Equity Announces Southern Union Stockholders Approve Merger
09 Dicembre 2011 - 6:12PM
Business Wire
Energy Transfer Equity, L.P. (NYSE:ETE) is pleased to announce
that Southern Union Company (NYSE:SUG) stockholders voted
overwhelmingly to approve the proposed merger with ETE at today’s
special meeting of Southern Union stockholders.
Approximately 98 percent of the shares voted at today’s meeting
voted in favor of the adoption of the merger agreement, which
represented approximately 80 percent of Southern Union’s total
outstanding shares of common stock as of the October 11, 2011
record date for the special meeting.
As previously announced on July 19th, 2011, ETE and Southern
Union entered into an amended and restated merger agreement for ETE
to acquire SUG for $9.4 billion, including $5.7 billion in cash and
ETE common units. Under the terms of the revised agreement, which
was unanimously approved by the boards of directors of both
companies, SUG shareholders could elect to exchange each
outstanding Southern Union common share for $44.25 of cash or 1.00x
ETE common unit. The maximum cash component is 60% of the aggregate
consideration and the common unit component can fluctuate between
40% and 50%. Elections in excess of either the cash or common unit
limits will be subject to proration.
The merger is expected to be consummated in the first quarter of
2012, subject to regulatory approval.
Energy Transfer Equity, L.P. (NYSE:ETE) is a
publicly traded partnership, which owns the general partner and 100
percent of the incentive distribution rights (IDRs) of Energy
Transfer Partners, L.P. (NYSE:ETP) and approximately 50.2 million
ETP limited partner units; and owns the general partner and 100
percent of the IDRs of Regency Energy Partners LP (NYSE:RGP) and
approximately 26.3 million RGP limited partner units. For more
information, visit the Energy Transfer Equity, L.P. web site at
www.energytransfer.com.
Southern Union Company (NYSE:SUG), headquartered in
Houston, is one of the nation’s leading diversified natural gas
companies, engaged primarily in the transportation, storage,
gathering, processing and distribution of natural gas. The company
owns and operates one of the nation’s largest natural gas pipeline
systems with more than 20,000 miles of gathering and transportation
pipelines and one of North America’s largest liquefied natural gas
import terminals, along with serving more than half a million
natural gas end-user customers in Missouri and Massachusetts. For
further information, visit www.sug.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future, including statements regarding the
anticipated benefits and other aspects of the proposed transaction
described above, that are forward-looking statements as defined by
federal law. Such forward-looking statements are subject to a
variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
the control of the management teams of ETE or SUG. Among those is
the risk that conditions to closing the transaction are not met or
that the anticipated benefits from the proposed transaction cannot
be fully realized. An extensive list of factors that can affect
future results are discussed in the reports filed with the
Securities and Exchange Commission (the “SEC”) by ETE and SUG.
Neither ETE nor SUG undertakes any obligation to update or revise
any forward-looking statement to reflect new information or
events.
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