Spectra Energy Partners Acknowledges Enbridge Offer And Establishes Committee

(RTTNews) - Spectra Energy Partners LP (SEP) said Friday that it has received a non-binding offer from Enbridge Inc. (ENB.TO, ENB) and Enbridge (U.S.) Inc. to acquire all of the outstanding equity securities of SEP not currently beneficially owned by Enbridge.

The board of directors of the general partner of the general partner of Spectra Energy Partners, LP has established a conflicts committee of independent directors to review and consider the proposal.

The proposed transaction is subject to the review and favorable recommendation and approval by the conflicts committee of the SEP Board, final approvals by the SEP Board and the boards of directors of Enbridge and Enbridge (U.S.) Inc., and the negotiation of a definitive agreement. Any definitive agreement is expected to contain customary closing conditions.