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Energy Transfer and Southern Union Announce Filing of Settlement with Missouri Public Service Commission and Mailing of Merger Consideration Election Materials and Related Deadline


Energy Transfer Equity, L.P. (NYSE: ETE) and Southern Union Company (NYSE: SUG) today announced that they have filed with the Missouri Public Service Commission (the “Commission”) a Stipulation and Agreement (the “Stipulation”) among Southern Union, ETE and the Commission Staff. Pursuant to the Stipulation, the parties recommend that the Commission issue an order finding that, subject to the conditions therein, the merger of Sigma Acquisition Corporation, a wholly-owned subsidiary of ETE, with and into Southern Union is not detrimental to the public interest and authorizing the undertaking of such merger and related transactions. Southern Union will survive the merger as a wholly-owned subsidiary of ETE. The Office of Public Counsel has indicated that it does not oppose the Stipulation. Southern Union and ETE have requested that the Commission consider the Stipulation expeditiously.

Southern Union and ETE further announced that all of the documents necessary for Southern Union stockholders to make a merger consideration election in connection with the companies' proposed merger are being mailed on February 17, 2012 to Southern Union stockholders of record as of February 10, 2012. The companies also announced that the election deadline for Southern Union stockholders to make merger consideration elections is currently expected to be 5:00 p.m., Eastern Time, on March 19, 2012 (or such other later date as ETE and Southern Union shall agree).

Southern Union stockholders of record wishing to make an election regarding the form of consideration they would prefer to receive must deliver prior to the election deadline to Computershare Trust Company, N.A., the exchange agent for the merger, the following: properly completed election forms and letters of transmittal, together with either their (i) stock certificates or confirmation of book-entry transfer, as applicable, or (ii) properly completed notices of guaranteed delivery. ETE and Southern Union will publicly announce the election deadline at least five business days prior to such deadline, but Southern Union stockholders are encouraged to return the election forms and letters of transmittal as promptly as practicable. Up-to-date information regarding the election deadline may be obtained by calling Innisfree M&A Incorporated (“Innisfree”), the information agent for the merger, at (877) 825-8906 (toll-free) or (212) 750-5833 (collect).

Posted-In: News Legal


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