New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 28, 2014
07:10 EDTETP, SUSS, SUSP, ETEEnergy 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
Check below for free stories on ETP;SUSS;SUSP;ETE the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 16, 2014
10:35 EDTETPOptions with decreasing implied volatility
Subscribe for More Information
July 15, 2014
17:49 EDTSUSP, SUSSSusser Holdings sees 4% sales growth for the Q2 vs. 2.2% a year ago
Subscribe for More Information
July 14, 2014
10:03 EDTETPOptions with increasing implied volatility: GNC SD MDLZ ETP

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use