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Stock Market & Financial Investment News

News Breaks
April 28, 2014
07:10 EDTSUSS, ETE, ETP, SUSPEnergy Transfer Partners to acquire Susser Holdings for approx. $1.8B
Energy Transfer Partners, L.P. (ETP) announced that it has entered into a definitive merger agreement whereby ETP plans to acquire Susser Holdings Corporation (SUSS) in a unit and cash transaction valued at a total consideration of approximately $1.8B. By acquiring Susser Holdings, ETP will own the general partner interest and the incentive distribution rights in Susser Petroleum Partners LP (SUSP), approximately 11 million SUSP common units, and SUSS’ existing retail operations, consisting of 630 convenience store locations. Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of ETP and SUSS, the shareholders of Susser Holdings will have the option to elect to receive either $80.25 in cash or 1.4506 ETP common units, or a combination of both, for each share held. The shareholder election is subject to proration to ensure that aggregate cash paid and common units issued will each represent 50% of the aggregate merger consideration. Given the capital appreciation embedded in the stock price of Susser Holdings, the receipt of ETP units on a tax deferred basis should be attractive to long-term Susser shareholders. ETP has entered into a support agreement with shareholders representing 10% of the outstanding Susser Holdings’ shares, pursuant to which such shareholders have agreed to vote their shares in favor of the merger and to elect to receive 100% ETP common units as their consideration, subject to the same pro ration as all other shareholders. Overall, synergy opportunities are expected to exceed $70M annually from fuel, merchandising and improved “buying power” reflecting economies of scale. Our overall retail business strategy is expected to take place in several steps. The first step is for ETP to acquire SUSS and on closing, to migrate the SUSP GP/IDRs directly to ETP. Post-closing, it is ETP’s intention to drop down to SUSP, in a synchronized series of drop downs, all of the combined retail businesses. In addition to the drop downs, ETP expects the SUSP IDR cash flow it receives to continue to grow as SUSP cash flows grow through organic growth, acquisitions and expected synergies. ETP then anticipates that it would propose to Energy Transfer Equity, L.P. (ETE) that ETP transfer to ETE the GP/IDRs of SUSP in exchange for ETP units currently held by ETE. Bob Owens, President and Chief Executive Officer of Sunoco, Inc. will serve as the President and CEO of the combined businesses.
News For ETP;SUSS;SUSP;ETE From The Last 14 Days
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July 2, 2015
13:11 EDTETP, ETEEnergy Transfer refuses 'standstill' clause in Williams auction, Bloomberg says
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12:37 EDTETEWilliams said to have contacted over 15 potential suitors, Bloomberg reports
Energy Transfer Equity's (ETE) CEO is said to push back against Williams' (WMB) auction rules, according to Bloomberg.
June 26, 2015
16:32 EDTETEStocks end week lower with Greece still searching for deal
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07:51 EDTETEEnergy Transfer Equity weakness creates buying opportunity, says Wells Fargo
After meeting with ETE's (ETE) management, Wells Fargo says that, in a worst case scenario, an acquisition of Williams (WMB) would not materially impact ETE's growth. However, the firm thinks the merger could boost the company's results if it can extract commercial synergies from the deal. Wells says that ETE wants to carry out the merger in order to boost its growth in 2019 and beyond. But ETE also believes that it could add $3B-$5B of additional organic growth projects if it acquires Williams, while generating more cash flow from Williams' existing projects, according to the firm.
June 25, 2015
06:40 EDTETEWilliams downgraded to Neutral from Overweight at JPMorgan
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June 24, 2015
15:47 EDTETEBankers see Energy Transfer having upper hand for Williams, dealReporter says
Energy industry bankers believe Energy Transfer Equity (ETE) has a good chance of winning its hostile bid for Williams (WMB), with one guessing Williams is likely to sell at a higher offer, but still to Energy Transfer, and another believing Energy Transfer will likely have to tweak the offer terms to change Williams’ mind, said dealReporter, according to contacts. Both bankers referenced in the report said other suitors are likely to emerge, with Kinder Morgan (KMI) and Enterprise Products Partners (EPD) named as being "equally capable" of pursuing a deal.
June 23, 2015
07:36 EDTETEEnergy Transfer Equity bid for Williams positive, says RBC Capital
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07:24 EDTETECredit Suisse to hold a conference
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June 22, 2015
17:04 EDTETEOn The Fly: Top stock stories for Monday
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13:20 EDTETEOn The Fly: Top stock stories at midday
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09:14 EDTETEOn The Fly: Pre-market Movers
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08:47 EDTETEKinder Morgan not likley to bid Williams, says Credit Suisse
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07:49 EDTETEEnergy Transfer Equity volatility low into buyout of Williams for $48B
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07:35 EDTETEWilliams Companies volatility low into rejecting $48B buyout offer
Williams Companies (WMB) July weekly call option implied volatility is at 23, July is at 22, August is at 24; compared to its 52-week range of 16 to 51, suggesting decreasing price movement into rejecting an unsolicited buyout offer worth $48B from Energy Transfer Equity (ETE), but has hired banks to explore alternatives, including a merger, a sale of the company or simply continuing on its current path.
07:18 EDTETEWilliams likley to trade through $64 offer price, says Credit Suisse
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05:16 EDTETEEnergy Transfer Equity confirms proposal to merge with Williams
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05:14 EDTETEEnergy Transfer Equity confirms proposal to merge with Williams
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