PHILADELPHIA -- Sunoco Inc. has announced that the special meeting of its shareholders to approve the proposed merger with Energy Transfer Partners LP (ETP) will be held on Oct. 4, 2012, in Detroit.
In late April, ETP and Sunoco entered into a definitive merger agreement whereby ETP would acquire Sunoco in a unit and cash transaction valued at $50.13 per share, or a total consideration of approximately $5.3 billion, based on ETP's closing price on April 27, 2012.
The combined companies will create one of the largest and most diversified energy partnerships in the country, according to the companies, by expanding ETP's geographic footprint and strengthening its presence in the transportation, terminalling and logistics of crude oil, NGLs and refined products.
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Only Sunoco shareholders of record at the close of business on Aug. 27, 2012, the record date, are entitled to receive notice of, and to vote at, the special meeting or any adjournment or postponement of that meeting.
Sunoco also announced that Oct. 1, 2012, would be the deadline for shareholders to elect, subject to the terms set forth in the merger agreement, the consideration to be received in the merger by completing and returning the required election form and other required materials to Computershare Trust Co. NA, the exchange agent for the merger.
Sunoco expects to mail the definitive proxy statement related to the proposed merger and the documents necessary for Sunoco shareholders to make a merger consideration election to its shareholders on or about August 29. The definitive proxy statement will also be available online at that time at the U.S. Securities & Exchange Commission (SEC) website.
Sunoco and ETP said that they expect the closing of the merger, if approved, to occur as promptly as practicable after the special meeting, subject to the satisfaction of the closing conditions set forth in the merger agreement between Sunoco and ETP.
Philadelphia-based Sunoco is a leading logistics and retail company. It owns the general partner interest of Sunoco Logistics Partners LP, which consists of a 2% ownership interest and incentive distribution rights, and owns a 32% interest in the partnership's limited partner units. Sunoco Logistics Partners LP is an owner and operator of complementary pipeline, terminal and crude oil acquisition and marketing assets. Sunoco also has a network of approximately 4,900 retail locations in 23 states.
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