- Energy Transfer Equity, Southern Union Announce Amended Merger Agreement
Jul 19, 2011
Energy Transfer Equity (NYSE:ETE) and Southern Union (NYSE:SUG) announced that they have entered into an amended and restated merger agreement under which Energy Transfer Equity will acquire Southern Union for $9.4B, including $5.7B in cash and Energy Transfer Equity common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, Southern Union shareholders can elect to exchange their common shares for $44.25 of cash or one Energy Transfer Equity common unit.
Shares of Southern Union are trading up over 2% to $44.23 on the news.
Energy Transfer Equity has a potential upside of 16.7% based on a current price of $43.86 and an average consensus analyst price target of $51.17.
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