Proxy Advisory Firms Recommend Energy Transfer Partners, L.P. Unitholders Vote for Proposed Merger with Energy Transfer Equit...
05 October 2018 - 8:18AM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP) today
announced that Institutional Shareholder Services (“ISS”) and Glass
Lewis & Co., the two leading independent U.S. proxy advisory
firms, have recommended that ETP unitholders vote "FOR" the
proposed merger with Energy Transfer Equity, L.P. (NYSE: ETE),
which will be considered at the October 18, 2018 special meeting of
ETP unitholders.
ETP unitholders of record as of the close of business on
September 10, 2018 will be entitled to vote at the meeting. As
previously announced, under the terms of the merger agreement,
holders of ETP common units will receive 1.28 ETE common units for
each ETP common unit they own.
ETP’s Board of Directors has recommended that ETP unitholders
vote in favor of the merger by completing and returning their proxy
cards, which were mailed to ETP common unitholders on or about
September 11, 2018. ETP’s unitholders are reminded that their vote
is important. Unitholders may also be able to vote their common
units by telephone or the Internet if their units are held by a
broker or other nominee. If ETP unitholders do not vote, it will
have the same effect as a vote “Against” the adoption of the merger
agreement and the transactions contemplated thereby. ETP
unitholders are advised that if they have any questions or need any
assistance in voting their units, they should contact ETP’s proxy
solicitor, MacKenzie Partners, Inc., by telephone at (800) 322-2885
toll free.
About the Partnerships
Energy Transfer Partners, L.P. (NYSE: ETP) is a master
limited partnership that owns and operates one of the largest and
most diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production
basins, ETP’s operations include complementary natural gas
midstream, intrastate and interstate transportation and storage
assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and
various acquisition and marketing assets. ETP’s general partner is
owned by Energy Transfer Equity, L.P. (NYSE: ETE).
Energy Transfer Equity, L.P. (NYSE:ETE) is a master
limited partnership that owns the general partner and 100% of the
incentive distribution rights (IDRs) of Energy Transfer Partners,
L.P. (NYSE: ETP) and Sunoco LP (NYSE: SUN). ETE also owns Lake
Charles LNG Company and the general partner of USA Compression
Partners, LP (NYSE: USAC). On a consolidated basis, ETE’s family of
companies owns and operates a diverse portfolio of natural gas,
natural gas liquids, crude oil and refined products assets, as well
as retail and wholesale motor fuel operations and LNG
terminalling.
Forward-Looking Statements
This press release includes “forward-looking” statements.
Forward-looking statements are identified as any statement that
does not relate strictly to historical or current facts. Statements
using words such as “anticipate,” “believe,” “intend,” “project,”
“plan,” “expect,” “continue,” “estimate,” “goal,” “forecast,” “may”
or similar expressions help identify forward-looking statements.
ETE and ETP cannot give any assurance that expectations and
projections about future events will prove to be correct.
Forward-looking statements are subject to a variety of risks,
uncertainties and assumptions. These risks and uncertainties
include the risks that the proposed transaction may not be
consummated or the benefits contemplated therefrom may not be
realized. Additional risks include: the ability to obtain ETP
unitholder approval and the satisfaction of the other conditions to
the consummation of the proposed transaction, the potential impact
of the consummation of the proposed transaction on relationships,
including with employees, suppliers, customers, competitors and
credit rating agencies, and the ability to achieve revenue, DCF and
EBITDA growth, and volatility in the price of oil, natural gas, and
natural gas liquids. Actual results and outcomes may differ
materially from those expressed in such forward-looking statements.
These and other risks and uncertainties are discussed in more
detail in filings made by ETE and ETP with the SEC, which are
available to the public. ETE and ETP undertake no obligation to
update publicly or to revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Additional Information and Where to Find It
ETE has filed with the SEC a registration statement on Form S-4,
which includes a proxy statement of ETP that also constitutes a
prospectus of ETE (the “proxy statement/prospectus”). The
registration statement on Form S-4 was declared effective by the
SEC on September 7, 2018, and the definitive proxy
statement/prospectus will be delivered to ETP common unitholders of
record as of September 10, 2018. SECURITY HOLDERS ARE URGED TO READ
THE PROXY STATEMENT/PROSPECTUS CAREFULLY. These documents and any
other documents filed by ETE or ETP with the SEC may be obtained
free of charge at the SEC’s website, at www.sec.gov. In addition,
investors and security holders may obtain free copies of the proxy
statement/prospectus by phone, e-mail or written request by
contacting the investor relations department of ETE or ETP at: 8111
Westchester Drive, Dallas, TX 75225, Attention: Investor Relations,
Email: InvestorRelations@energytransfer.com.
Participants in the Solicitation
ETE, ETP and their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies in
connection with the proposed merger. Information regarding the
directors and executive officers of ETE is contained in ETE’s Form
10-K for the year ended December 31, 2017, which was filed with the
SEC on February 23, 2018. Information regarding the directors and
executive officers of ETP is contained in ETP’s Form 10-K for the
year ended December 31, 2017, which was filed with the SEC on
February 23, 2018. Additional information regarding the interests
of participants in the solicitation of proxies in connection with
the proposed merger is included in the proxy
statement/prospectus.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
The information contained in this press release is available on
our website at energytransfer.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181004005863/en/
Energy TransferInvestor Relations:Bill Baerg / Lyndsay Hannah /
Brent Ratliff, 214-981-0795orMedia Relations:Vicki Granado,
214-840-5820
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