Southern Union Company Acknowledges Receipt of Revised Proposal from The Williams Companies, Inc.
July 14 2011 - 12:00PM
Business Wire
Southern Union Company (NYSE:SUG) today confirmed receipt of a
revised proposal by The Williams Companies, Inc. (NYSE:WMB) to
acquire all of the outstanding shares of Southern Union for $44.00
per share in cash. Southern Union will review the proposal,
consistent with its fiduciary duties and its obligations under its
revised merger agreement with Energy Transfer Equity, L.P.
(NYSE:ETE) announced July 5, 2011. At this time, the Board
reaffirms its recommendation of the existing ETE merger
agreement.
About Southern Union
Southern Union Company (NYSE:SUG) headquartered in Houston, is
one of the nation’s leading diversified natural gas companies,
engaged primarily in the transportation, storage, gathering,
processing and distribution of natural gas. The company owns and
operates one of the nation’s largest natural gas pipeline systems
with more than 20,000 miles of gathering and transportation
pipelines and one of North America’s largest liquefied natural gas
import terminals, along with serving more than half a million
natural gas end-user customers in Missouri and Massachusetts. For
further information, visit www.sug.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future, including statements regarding the
proposal described above, that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
the control of the management team of SUG. An extensive list of
factors that can affect future results are discussed in the reports
filed with the Securities and Exchange Commission by SUG. SUG
undertakes no obligations to update or revise any forward-looking
statement to reflect new information or events.
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