HOUSTON, TX, May 18, 2018 /PRNewswire/ - Enbridge Energy
Partners, L.P. (NYSE: EEP) (EEP or the Partnership) today announced
that it has received a non-binding offer from Enbridge Inc.
(Enbridge) (TSX, NYSE: ENB) and Enbridge (U.S.) Inc. to acquire all
of the outstanding equity securities of EEP not currently
beneficially owned by Enbridge.
The board of directors of Enbridge Energy Management, L.L.C., as
the delegate of the general partner of the Partnership (the EEP
Board), has established a special committee of independent
directors to review and consider the proposal.
The proposed transaction is subject to the review and
recommendation by the special committee of the EEP Board, final
approvals by the EEP Board and the boards of directors of Enbridge
and Enbridge (U.S.) Inc., and negotiation of a definitive
agreement. Any definitive agreement is expected to contain
customary closing conditions, including standard regulatory
notifications and approvals. There can be no assurance that
any agreement will be reached or that a transaction will be
consummated.
Unitholders of EEP do not need to take any action with respect
to the proposal at this time.
FORWARD-LOOKING INFORMATION
This communication
includes certain forward looking statements and information (FLI)
to provide EEP unitholders and potential investors with information
about EEP and its subsidiaries and affiliates. FLI is typically
identified by words such as "anticipate", "expect", "project",
"estimate", "forecast", "plan", "intend", "target", "believe",
"likely" and similar words suggesting future outcomes or statements
regarding an outlook. All statements other than statements of
historical fact may be FLI. In particular, this news release
contains FLI pertaining to, but not limited to, information with
respect to a proposed transaction between EEP and Enbridge.
Although we believe that the FLI is reasonable based on the
information available today and processes used to prepare it, such
statements are not guarantees of future performance and you are
cautioned against placing undue reliance on FLI. By its nature, FLI
involves a variety of assumptions, which are based upon factors
that may be difficult to predict and that may involve known and
unknown risks and uncertainties and other factors which may cause
actual results, levels of activity and achievements to differ
materially from those expressed or implied by these FLI, including,
but not limited to, the following: the negotiation and execution,
and the terms and conditions, of definitive agreements relating to
the proposed transactions and the ability of Enbridge or EEP to
enter into or consummate such agreements; the risk that the
proposed merger does not occur; negative effects from the pendency
of the proposed merger; failure to obtain the required vote of
EEP's unitholders; the timing to consummate the proposed
transaction; the focus of management time and attention on the
proposed transaction and other disruptions arising from the
proposed transaction; potential changes in the Enbridge share price
which may negatively impact the value of consideration offered to
EEP unitholders; expected supply and demand for crude oil, natural
gas, natural gas liquids and renewable energy; prices of crude oil,
natural gas, natural gas liquids and renewable energy; economic and
competitive conditions; expected exchange rates; inflation;
interest rates; tax rates and changes; completion of growth
projects; anticipated in-service dates; capital project funding;
success of hedging activities; the ability of management of EEP,
its subsidiaries and affiliates to execute key priorities,
including those in connection with the proposed transactions;
customer, shareholder, regulatory and other stakeholder approvals
and support; and regulatory and legislative decisions and
actions.
Except to the extent required by law, we assume no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Reference should also be made to the Partnership's filings with the
U.S. Securities and Exchange Commission (the SEC), including its
most recently filed 2017 Annual Report on Form 10-K dated
February 16, 2018 and Quarterly
Report on Form 10-Q for additional factors that may affect results.
These filings are available to the public over the Internet at the
SEC's website (www.sec.gov) and at the Partnership's website.
IMPORTANT NOTICE TO INVESTORS
This press release is
not a solicitation of a proxy, an offer to purchase nor a
solicitation of an offer to sell Class A common units of EEP, and
it is not a substitute for any proxy statement or other filings
that may be made with the Securities and Exchange Commission (SEC)
should these proposed transactions go forward. If such documents
are filed with the SEC, investors will be urged to thoroughly
review and consider them because they will contain important
information, including risk factors. Any such documents, once
filed, will be available free of charge at the SEC's website
(www.sec.gov) and from Enbridge and EEP, as applicable.
ABOUT ENBRIDGE ENERGY PARTNERS, L.P.
Enbridge
Energy Partners, L.P. owns and operates a diversified portfolio of
crude oil transportation systems in the
United States. Its principal crude oil system is the largest
pipeline transporter of growing oil production from western
Canada and the North Dakota Bakken
formation. The system's deliveries to refining centers and
connected carriers in the United
States account for approximately 25 percent of total
U.S. oil imports. Enbridge Energy Partners, L.P. is traded on the
New York Stock Exchange under the symbol EEP; information about the
Partnership is available on its website at
www.enbridgepartners.com.
ABOUT ENBRIDGE ENERGY MANAGEMENT, L.L.C.
Enbridge
Energy Management, L.L.C. manages the business and affairs of the
Partnership, and its sole asset is an approximate 20 percent
limited partner interest in the Partnership. Enbridge Energy
Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc.
of Calgary, Alberta, Canada (NYSE:
ENB) (TSX: ENB) is the General Partner of the Partnership and holds
an approximate 35 percent interest in the Partnership. Enbridge
Management is the delegate of the General Partner of the
Partnership.
FOR FURTHER INFORMATION PLEASE CONTACT:
Enbridge Energy Partners, L.P.
Media
|
Investment
Community
|
Michael
Barnes
|
Roni
Cappadonna
|
Toll Free: (888)
992-0997
|
Toll Free: (800)
481-2804
|
Email:
michael.barnes@enbridge.com
|
Email:
investor.relations@enbridge.com
|
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SOURCE Enbridge Energy Partners, L.P.