After receiving this stockholder approval, all significant closing conditions for the Merger have been met.
Susser Holdings Corp. and Energy Transfer Partners L.P. have announced that Susser Holdings Corp. stockholders voted to approve the proposed merger with ETP at a special meeting of Susser stockholders.
Approximately 99% of the shares voted at yesterday’s 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.
As previously announced on April 28, 2014, ETP and Susser entered into a merger agreement, pursuant to which 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 or (iii) 1.4506 ETP common units, for each share of Susser Holdings Corp. common stock they own immediately prior to the merger (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.
