Southern Union Company Shareholders Approve Merger with Energy Transfer Equity, L.P.
09 Dezembro 2011 - 3:04PM
Business Wire
Southern Union Company (NYSE:SUG) announced that its
shareholders overwhelmingly approved, at a special meeting held
this morning, the proposed merger with Energy Transfer Equity, L.P.
(NYSE:ETE).
Approval of the merger proposal required the affirmative vote of
the majority of the shareholders entitled to vote. Approximately 80
percent of the outstanding shares of Southern Union common stock as
of the record date were voted at the special meeting. Of the shares
that were voted, approximately 98 percent voted in favor of the
merger.
Southern Union Chairman and Chief Executive Officer George L.
Lindemann said, “We are pleased that such a significant majority of
our shareholders have supported the merging of these two highly
successful businesses. The transaction creates compelling
opportunities for both Southern Union and Energy Transfer. It is
the right next step for Southern Union and delivers significant
value for our shareholders.”
Southern Union Vice Chairman Eric Herschmann said, “We believe
that the merger with ETE is the most value optimizing option for
Southern Union’s shareholders, and today’s vote in favor of the
merger confirms that our shareholders agree.”
Under the merger agreement, Southern Union’s shareholders can
elect to exchange each outstanding Southern Union common share for
$44.25 of cash or 1.00x ETE common unit, with no more than 60% of
the aggregate merger consideration payable in cash and no more than
50% payable in ETE common units. Elections in excess of either the
cash or common unit limits will be subject to proration.
Pending receipt of all required regulatory approvals and
satisfaction of other closing conditions, the merger is expected to
close in the first quarter of 2012.
About Southern Union
Company
Southern Union Company, 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.
About Energy Transfer Equity,
L.P.
Energy Transfer Equity, L.P. 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.
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.
Additional Information
In connection with the transaction, ETE and SUG have filed
certain documents, including a proxy statement/prospectus, with the
SEC. Investors and security holders are urged to carefully read the
definitive proxy statement/prospectus filed with the SEC because it
contains important information regarding ETE, SUG and the
transaction.
Investors and security holders may obtain a free copy of the
definitive proxy statement/prospectus and other documents filed by
ETE and SUG with the SEC at the SEC’s website, www.sec.gov. The
definitive proxy statement/prospectus and such other documents
relating to ETE may also be obtained free of charge by directing a
request to Energy Transfer Equity, L.P., Attn: Investor Relations,
3738 Oak Lawn Avenue, Dallas, Texas 75219, or from ETE’s website,
www.energytransfer.com. The definitive proxy statement/prospectus
and such other documents relating to SUG may also be obtained free
of charge by directing a request to Southern Union Company, Attn:
Investor Relations, or from SUG’s website, www.sug.com. Investors
and security holders are urged to carefully read the proxy
statement/prospectus and such other documents filed with the SEC
because the materials contain important information regarding ETE,
SUG and the transaction.
The information contained in this press release is available on
the SUG web site at www.sug.com.
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