CORPUS CHRISTI, Texas & DALLAS --Susser Holdings Corp. stockholders have voted to approve the proposed merger with Energy Transfer Partners LP at a special meeting of Susser stockholders.
Approximately 99% of the shares voted at the Aug. 28 meeting voted in favor of the adoption of the merger agreement, which represented approximately 77% of Susser's total outstanding shares of common stock as of the July 22, 2014, record date for the special meeting.
ETP and Susser on April 28, 2014, entered into a $1.8-billion merger agreement, pursuant to which Susser stockholders were entitled to elect to receive a combination of $40.125 in cash and 0.7253 of an ETP common unit, $80.25 in cash or 1.4506 ETP common units, for each share of Susser Holdings common stock they own immediately prior to the merger. Elections in excess of either the cash or common unit limits will be subject to proration.
After receiving this stockholder approval, all significant closing conditions for the merger have been met. ETP and Susser expect to complete the merger on Aug. 29, 2014, subject to the satisfaction or waiver of the conditions set forth in the merger agreement.
Susser Holdings, Corpus Christi, Texas, operates more than 640 convenience stores in Texas, New Mexico and Oklahoma, with 595 under the Stripes banner and 47 under the Sac-N-Pac banner. Restaurant service is available in more than 410 of its stores, primarily under the proprietary Laredo Taco Co. brand. Susser Holdings also is majority owner and owns the general partner of Susser Petroleum Partners LP, which distributes approximately 1.7 billion gallons of motor fuel annually to Stripes stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
Dallas-based Energy Transfer Partners is a master limited partnership (MLP) owning and operating one of the largest and most diversified portfolios of energy assets in the United States. It owns Panhandle Eastern Pipe Line Co. LP and Sunoco Inc. ETP also owns the general partner, 100% of the incentive distribution rights, and approximately 67.1 million common units in Sunoco Logistics Partners LP, which operates a geographically diverse portfolio of crude oil and refined products pipelines, terminaling and crude oil acquisition and marketing assets.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.