HOUSTON, TX, May 18, 2018 /PRNewswire/ - Enbridge Energy
Management, L.L.C. (NYSE: EEQ) (Enbridge Management) today
announced that it has received a non-binding offer from Enbridge
Inc. (Enbridge) (TSX, NYSE: ENB) to acquire all of the outstanding
equity securities of EEQ not currently beneficially owned by
Enbridge.
The board of directors of Enbridge Management (the EEM 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 EEM Board, final
approvals by the boards of directors of Enbridge Management and
Enbridge, 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.
Shareholders of EEQ 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 EEQ shareholders and potential
investors with information about EEQ 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 EEQ 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 transaction and the ability of Enbridge or EEQ to
enter into or consummate such agreement; 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 EEQ's
shareholders or board support; 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
EEQ shareholders; 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 EEQ,
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 Enbridge Management'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 listed shares of
EEQ, 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 EEQ, as applicable.
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.
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 company is available on its website
at www.enbridgepartners.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Enbridge Energy
Partners, L.P.
|
|
Media
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Investment
Community
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Michael Barnes
|
Roni
Cappadonna
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Toll Free: (877)
496-8142
|
Toll Free: (800)
481-2804
|
Email:
michael.barnes@enbridge.com
|
Email:
investor.relations@enbridge.com
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SOURCE Enbridge Energy Management L.L.C.