Susser Sets Stockholder Meeting for ETP Merger Vote
CORPUS CHRISTI, Texas – Susser Holdings Corp. will hold a special meeting of its stockholders at 10 a.m. on Aug. 28 to consider and vote on the company's proposed acquisition by Energy Transfer Partners LP (ETP) and certain other customary closing conditions.
Susser stockholders of record as of July 22 are entitled to vote at the meeting, which is scheduled to be held at Susser's corporate offices at 4525 Ayers St. in Corpus Christi.
Under the terms of the proposed merger agreement, Susser stockholders may elect to receive either $80.25 in cash, 1.4506 ETP common units, or a combination of both, for each share they hold.
The stockholder election is subject to proration to ensure that aggregate cash paid and common units issued will each represent 50 percent of the aggregate merger consideration, according to the announcement.
Both boards of directors for Susser and ETP have already unanimously approved the agreement's terms.
Susser stockholders that wish to make an election with respect to the consideration they would receive under the proposed merger must deliver a properly completed election form to Computershare by 5 p.m. eastern time on Aug. 25. Stockholders who hold their shares through a bank, broker or other nominee may have an earlier election deadline and should review any materials they receive to determine the deadline applicable to them.
Susser Holdings Corp. is a third-generation, family-led business that operates approximately 635 convenience stores in Texas, New Mexico and Oklahoma under the Stripes and Sac-N-Pac banners.