HOUSTON - Enterprise GP Holdings L.P. (NYSE: EPE) and Enterprise Products Partners L.P. (NYSE: EPD) on Nov. 22 announced that EPE unit holders have approved the merger of EPE with a subsidiary of EPD. Over 99 percent of the EPE units that voted were cast in favor of the merger, representing approximately 85 percent of EPE's total outstanding units as of the record date.
The merger was completed on Nov. 22, resulting in EPE unit holders being entitled to receive 1.50 EPD common units for each EPE unit they own. Cash will be paid to EPE unit holders in accordance with the merger agreement in lieu of any fractional units they otherwise would have been entitled to receive.
As a result of the merger completion, units of EPE ceased trading at the close of business on Nov. 22.
EPD common units continue to be traded on the New York Stock Exchange. (Source: Business Wire, Nov. 22, 2010)