Enterprise sweetens offer for Duncan Energy

AP News
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Posted: Apr 29, 2011 8:13 AM
Enterprise sweetens offer for Duncan Energy

Enterprise Products Partners LP is sweetening its offer to buy natural-gas services provider Duncan Energy Partners.

Under the agreement's revised terms, Duncan unit holders will receive 1.01 common units of Enterprise Products Partners in exchange for each Duncan unit they own when the deal closes. That's a 35 percent premium to Duncan's closing price on Feb. 22, the day before Enterprise announced its initial proposal.

In February, Enterprise offered Duncan unit holders 0.9545 Enterprise common units for each unit of Duncan they held. At that time they valued the deal at roughly $42 per unit, or $2.4 billion.

The deal is expected to close in the third quarter.

Enterprise provides energy services to producers and consumers of natural gas, crude oil, refined products and petrochemicals.