Energy Transfer Equity, L.P. (NYSE:ETE) and Southern Union Company
(NYSE:SUG) today announced that Southern Union has commenced the
distribution of the proxy statement/prospectus for the 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. Eastern Time on Friday, December 9, 2011 at the Metropolitan Club,
One East 60th Street, New York, New York, 10022. The primary purpose of
the meeting is to consider and take action on a proposal to approve the
merger agreement and the transactions contemplated thereby.
Stockholders of record of shares of Southern Union common stock at the
close of business on October 11, 2011, whether or not they attend the
meeting, are entitled and urged to vote at this 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 by their bank or broker.
Approval of the merger agreement and the transactions contemplated
thereby 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% of Southern Union's outstanding shares, have already
agreed to vote in favor of the merger agreement and the transactions
contemplated thereby (unless there is a change in the recommendation of
the board of directors of Southern Union) and have also agreed to elect
to receive ETE common units as consideration in the proposed merger
rather than the cash consideration as described below. The board of
directors of Southern Union has unanimously recommended the approval of
the merger agreement and the transactions contemplated thereby.
Southern Union stockholders who have questions about the merger or other
matters to be voted on at the special meeting, or would like additional
copies of the proxy statement/prospectus or additional proxy cards, may
contact Southern Union's proxy solicitor at the address and telephone
number listed below.
Innisfree M&A Incorporated
Stockholders may call toll-free at (877) 825-8906.
Banks and brokers may call collect at (212) 750-5833.
Terms and Benefits of the Transaction
Under the merger agreement, Southern Union stockholders may elect to
receive, for each outstanding Southern Union share they hold and subject
to the limits described below, either $44.25 in cash or 1.00 ETE common
unit (and cash in lieu of fractional ETE common units).