Susser Shareholders Make ETP Merger Election

Decide on form of stock consideration that they want to receive with deal

Published in CSP Daily News

Susser ETP merger (CSP Daily News / Convenience Stores)

CORPUS CHRISTI, Texas & DALLAS -- Holders of 85% of the outstanding shares, or approximately 18.58 million shares of Susser common stock, made a unit election regarding the form of merger consideration that they want to receive in Energy Transfer Partners LP's pending acquisition of Susser Holdings Corp.

Susser and ETP have announced the preliminary results of the elections made by Susser common stockholders. Pursuant to the April 28, 2014, merger agreement, Susser stockholders were entitled to elect to receive a combination of $40.125 in cash and 0.7253 of an ETP common unit (the "standard mix"); $80.25 in cash (the "cash election"); or 1.4506 ETP common units (the "unit election") for each share of Susser common stock they own immediately prior to the merger.

Of the remaining shareholders, 7%, or approximately 1.5 million shares of common stock, elected the standard mix of consideration; 7%, or approximately 1.46 million shares of common stock, failed to make a valid election prior to the deadline and therefore are deemed to have elected the standard mix of consideration; and 1%, or approximately 265,000 shares of common stock, made a cash election.

Susser Holdings, Corpus Christi, Texas, operates more than 640 convenience stores in Texas, New Mexico and Oklahoma, with 595 under the Stripes banner and 47 under the Sac-N-Pac banner. Restaurant service is available in more than 410 of its stores, primarily under the proprietary Laredo Taco Co. brand. Susser Holdings also is majority owner and owns the general partner of Susser Petroleum Partners LP, which distributes approximately 1.7 billion gallons of motor fuel annually to Stripes stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.

Energy Transfer Partners is a master limited partnership (MLP) owning and operating one of the largest and most diversified portfolios of energy assets in the United States. It owns Panhandle Eastern Pipe Line Co. LP and Sunoco Inc. ETP also owns the general partner, 100% of the incentive distribution rights, and approximately 67.1 million common units in Sunoco Logistics Partners LP, which operates a geographically diverse portfolio of crude oil and refined products pipelines, terminaling and crude oil acquisition and marketing assets.

Part of CSP's 2014 Convenience Top 101 retailers