Energy Transfer Partners, L.P. (ETP) has announced that Institutional Shareholder Services (ISS) and Glass Lewis & Co., the two leading independent US proxy advisory firms, have recommended that ETP unitholders vote "For" the proposed merger with Energy Transfer Equity, L.P. (ETE), which will be considered at the 18 October 2018 special meeting of ETP unitholders.
ETP unitholders of record as of the close of business on 10 September 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 favour of the merger by completing and returning their proxy cards, which were mailed to ETP common unitholders on or about 11 September 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.
About the Partnerships
Energy Transfer Partners, L.P. (ETP) is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the US. Strategically positioned in all of the major US 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. (ETE).
Energy Transfer Equity, L.P. is a master limited partnership that owns the general partner and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. and Sunoco LP (SUN). ETE also owns Lake Charles LNG Company and the general partner of USA Compression Partners, LP (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.
Read the article online at: https://www.worldpipelines.com/business-news/05102018/recommendations-for-proposed-merger-of-etp-with-ete/