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Stock Market & Financial Investment News

News Breaks
December 17, 2012
10:55 EDTLG, ETE, ETPMoody's changes Laclede Gas's rating outlook to Negative
Moody's Investors Service changed the Laclede Gas Company and its parent Laclede Group's rating outlook to negative from stable. These rating actions follow the announcement that LG will acquire Missouri Gas Energy and New England Gas, two gas distribution assets from Energy Transfer (ETE, ETP), for $1.015B in cash plus the assumption of $20M of debt. Subject to customary approvals, including those of the Missouri Public Service Commission and the Massachusetts Department of Public Utilities, LG expects to close the transaction by September 30, 2013. Moody's expects to resolve the negative outlook late in 2013, when the requisite approvals appear certain and LG's permanent financing plan is set.
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August 26, 2014
08:03 EDTETPSusser, Energy Transfer Partners report preliminary merger consideration results
Susser Holdings (SUSS) and Energy Transfer Partners (ETP) announced the preliminary results of the elections made by Susser common stockholders regarding their preference as to the form of merger consideration to be received in Energy Transfer Partnersí pending acquisition of Susser. As previously announced on April 28, 2014, Susser Holdings Corporation entered into an Agreement and Plan of Merger with Energy Transfer Partners, L.P. and certain other parties thereto. Pursuant to the merger agreement, Susser stockholders were entitled to elect to receive, (i) a combination of $40.125 in cash and 0.7253 of an ETP common unit, (ii) $80.25 in cash (iii) 1.4506 ETP common units, for each share of Susser common stock they own immediately prior to the merger. The deadline for making this election was 5:00 p.m. Eastern Time on August 25, 2014. Based on available information as of the Election Deadline, the preliminary merger consideration election results are as follows: Holders of approximately 7% of the outstanding shares of Susser common stock, or 1,489,061 shares of common stock, elected the standard mix of consideration; Holders of approximately 1% of the outstanding shares of Susser common stock, or 264,840 shares of common stock, made a cash election; and Holders of approximately 85% of the outstanding shares of Susser common stock, or 18,576,197 shares of common stock, made a unit election. Holders of approximately 7% of the outstanding shares of Susser common stock, or 1,464,477 shares of common stock, failed to make a valid election prior to the Election Deadline and therefore are deemed to have elected the standard mix of consideration.

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