Boston, MA 08/26/2014 (wallstreetpr) – According to reports, Energy Transfer Partners LP (NYSE:ETP) and Susser Holdings Corporation (NYSE:SUSS) have decided to enter into a preliminary merger deal. The announcement came in the name of results of the elections that were conducted by the SUSS common stockholders.
Road So Far:
According to a few reports published on April 28, 2014, SUSS entered into an agreement to plan merger transaction with Energy Transfer Partners LP (NYSE:ETP) and a few other companies. In order to execute this merger transaction successfully, the stockholders of SUSS were entitled to receive-
1.4506 Energy Transfer Partners LP (NYSE:ETP) common units or $80.25 in cash and a combination of 0.7253 of an ETP common unit and $40.125 in cash for each SUSS common stock they owned. It was to be done before the commencement of the merger transaction. The final deadline to execute this election was 5:00 p.m. Eastern Time on August 25, 2014. Following were the results on the basis of the information made public by the company-
- Those who had around 264,840 shares of Susser Holdings Corporation (NYSE:SUSS) common stock or 1% of the outstanding shares of SUSS common stock, made a cash election
- Holders of 1,489,061 shares (approximately) of SUSS common stock or 7% of the outstanding shares of SUSS common stock, elected the standard mix of consideration; and
- Holders of 18,576,197 shares (approximately) of SUSS common stock or 85% of the outstanding shares of Susser Holdings Corporation (NYSE:SUSS) common stock, made a unit election
- Holders of 1,464,477 shares of common stock or 7% of the outstanding shares of SUSS common stock failed to make any valid selection in this election before the specified deadline; therefore, they are liable to the elect standard mix of consideration.
As per the reports, the unit election was oversubscribed; hence, the consideration to be received by common stockholders who opted for unit election would be prorated according to the terms set forth in the merger agreement.
