Energy Transfer Partners Unitholders Best Off to Vote for Consolidation
We are reaffirming our $28 per unit fair value estimates for Energy Transfer Partners and $22 per share fair value estimate for Energy Transfer Equity based on the proposed $27 billion equity consolidation terms detailed in the Form S-4 that ETE filed Aug. 14.We continue to believe that ETP common unitholders should vote in favor of the deal at the 1.28 unit exchange ratio. The deal represents a 28% premium to what we considered a fair exchange ratio. A majority of unaffiliated ETP common unith...
Energy Transfer Partners, through its subsidiaries, conduct activities such as natural gas operations; and interstate natural gas transportation and storage; and crude oil, natural gas liquid and refined product. The company's segment includes: Intrastate Transportation and Storage, which owns and operates a natural gas open-access interstate pipeline network; Midstream, which consists of natural gas gathering, compression, treating, processing, storage, and transportation; NGL and Refined Products Transportation and Services, which transport, store and execute acquisition and marketing activities utilizing a network of pipelines, storage and blending facilities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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