Duncan Energy Partners’ Unitholders Approve Merger with Enterprise Products Partners
07 September 2011 - 4:25PM
Business Wire
Duncan Energy Partners L.P. (NYSE: DEP) (“DEP”) and Enterprise
Products Partners L.P. (NYSE: EPD) (“EPD”) today announced that the
DEP unitholders have approved the merger of DEP with a subsidiary
of EPD. Over 99.9 percent of the DEP common units that voted were
cast in favor of the merger, representing approximately 77.3
percent of DEP’s total outstanding common units as of the record
date. Over 99.6 percent of the votes cast by the “Duncan
Unaffiliated Unitholders” (as defined in the agreement and plan of
merger) were also cast in favor of the merger.
The partnerships expect the merger to be completed later today
on September 7, 2011, resulting in DEP unitholders being entitled
to receive 1.01 EPD common units for each DEP common unit they own.
Cash will be paid to DEP unitholders in accordance with the merger
agreement in lieu of any fractional units they otherwise would have
been entitled to receive. As a result of the merger completion,
common units of DEP will cease trading at the close of today’s
business. EPD common units will continue to be traded on the New
York Stock Exchange under the ticker “EPD.”
Enterprise Products Partners L.P. is the largest publicly traded
partnership and a leading North American provider of midstream
energy services to producers and consumers of natural gas, NGLs,
crude oil, refined products and petrochemicals. EPD’s assets
include approximately 50,200 miles of onshore and offshore
pipelines; approximately 192 million barrels of storage capacity
for NGLs, refined products and crude oil; and 27 billion cubic feet
of natural gas storage capacity. Services include: natural gas
transportation, gathering, processing and storage; NGL
fractionation, transportation, storage, and import and export
terminaling; crude oil and refined products storage, transportation
and terminaling; offshore production platform; petrochemical
transportation and storage; and a marine transportation business
that operates primarily on the United States inland and
Intracoastal Waterway systems and in the Gulf of Mexico. For
additional information, visit www.enterpriseproducts.com.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that EPD
expects, believes or anticipates will or may occur in the future,
including anticipated benefits and other aspects of such
activities, events, developments or transactions, are
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition
and other risk factors included in the reports filed with the
Securities and Exchange Commission by EPD. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of their dates. Except as required by law, EPD
does not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
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