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Energy Transfer Revises Deal To Buy Southern Union With Sweetened $8.9 Million Bid

DOW JONES NEWSWIRES Energy Transfer Equity LP (ETE) agreed to takeover Southern Union Co. (SUG) in a $8.9 billion deal, topping an offer from rival suitor Williams Cos. (WMB), and substantially higher than Energy Transfer's initial offer. Under the revised terms of the deal, Southern Union shareholders will receive $40 in cash or 0.903 Energy Transfer common units for each share. A maximum of 60% can be taken in cash, while the common unit component can fluctuate between 40% and 50%. "We are pleased to be able to deliver superior value to our shareholders, with greater certainty to close, through this transaction with ETE," said Southern Union Chairman and Chief Executive George L. Lindemann. "This deal creates strategic benefits that could not be achieved through any other industry combination. Our businesses are highly complementary and the combination will provide a broader range of services and market access that our existing and future customers demand." The revised deal, which will create the largest natural gas pipeline operator in the U.S., comes after Energy Transfer Partners last week had admonished Southern for its decision to negotiate with rival suitor Williams Cos., which made a $5 billion cash, or $39 a share, counterbid for Southern Union on June 23. Energy Transfer last month had announced a deal to purchase Southern for about $4.2 billion. Under the terms of that bid, Southern Union shareholders would receive Energy Transfer units valued at $33 per share, which, under certain circumstances, could be converted into cash. The two companies hope that combining Energy Transfer's position in prolific natural-gas production areas with Southern's access to markets will make them better able to transport natural gas through what is becoming an increasingly congested system. Energy Transfer common units, Southern Union shares and Williams shares closed Friday at $44.68, $40.37, and 30.77, respectively. None were active premarket. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Southern Union (SUG)
DateTimeHeadline
02/15/201217:41:12Energy Transfer Partners 4Q Profit Slips 8.9%; ETE Net Up 13%
01/09/201210:52:24Energy Transfer Partners to Issue $2 Billion in US Debt Markets...
12/09/201114:41:41Southern Union Shareholders Approve Energy Transfer Equity Deal
10/28/201118:27:19Williams Takes Another Look At Southern Union Assets - Filing
10/17/201117:54:08Natural Gas Pipelines Deals May Touch Off More M&A Activity
10/12/201118:58:34Energy Transfer Rejects Williams Request For Southern Assets
08/17/201111:04:48Southern Union Spurns Williams Takeover Offer Of $44 A Share
08/16/201117:38:46Williams Affirms $44/Share Offer For Southern Union
08/15/201120:35:49WSJ: Big Investment Funds Mixed On Approach To Bank Investments...
08/15/201118:51:36Harbinger Reports More Energy And Gadgets But No NY Times Stake
08/15/201118:19:04Icahn Reports New Stakes In Vector Group, El Paso - Filing
08/09/201111:14:47Williams CEO: Evaluating All Options In Bid War For Rival Southern...
08/03/201116:58:26Williams Cos 2Q Profit Up 23% On Performance
07/19/201113:32:54Energy Transfer, Southern Union Reach New $5.7 Billion Deal
07/14/201110:01:36Williams CEO: Hope To Make Southern Union Merger Agreement By...
07/14/201108:59:47Williams Cos Raises Bid For Southern Union To About $5.6 Billion
07/14/201108:59:34INSIDE TRACK: Energy Transfer Equity Chairman Buys Up More Units
07/05/201115:17:37MARKET SNAPSHOT: U.S. Stocks Retreat After Best Week In Two Years
07/05/201107:25:14CORRECT: Energy Transfer Revises Deal To Buy Southern Union With...
07/05/201107:07:01Energy Transfer Revises Deal To Buy Southern Union With Sweetened...

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