Friday, November 11, 2011
Energy Transfer, Southern Union set merger approval date
Energy Transfer Equity, Southern Union announce Dec. 9 special meeting
Energy Transfer Equity, L.P. (NYSE: ETE) and Southern Union Company (NYSE: SUG) on Oct. 28 announced that Southern Union has begin the distribution of the proxy statement/prospectus for a Dec. 9 special meeting of Southern Union stockholders associated with ETE's proposed acquisition of Southern Union.
The special meeting of Southern Union stockholders will be held at 11:00 a.m. at the Metropolitan Club in New York. The primary purpose of the meeting is to approve the merger agreement.
Stockholders of Southern Union common stock at the close of business on Oct. 11, whether or not they attend the meeting, are entitled to vote at the special meeting. If a stockholder cannot attend the meeting, they should still vote their shares by completing, signing, dating and returning the proxy card; using the toll-free telephone number shown on the proxy card; or using the internet website shown on the proxy card. Stockholders that hold Southern Union common stock through a bank or broker should follow the voting instructions provided.
Approval of the merger agreement requires a simple majority of the outstanding shares of Southern Union common stock entitled to vote at the special meeting. Certain stockholders of Southern Union, who directly or indirectly own approximately 13.4 percent of Southern Union's outstanding shares, have already agreed to vote in favor of the merger agreement and have also agreed to elect to receive ETE common units as consideration in the proposed merger rather than the cash consideration.
The board of directors of Southern Union has unanimously recommended the approval of the merger agreement.