RE:RE:RE:RE:RE:RE:Just too be clear on this offer? TT - When you read the ENB announcement, the first thing you see:
Highlights of the proposed restructuring:
- Enbridge to buy-in sponsored vehicles (EEP/EEQ, SEP and ENF) in exchange for Enbridge common shares
- Fixed exchange ratios reflect an aggregate value of CAN$11.4 billion, or 272 million Enbridge common shares
When you look at the section dealing with ENF specifically, you see:
ENF shareholders will receive
0.7029 common shares of Enbridge per ENF share, representing a value of CAN$29.38 per ENF share, based on the closing price of Enbridge common shares on the TSX on
May 16, 2018, reflecting a 5% premium to the closing price of ENF's common shares on the TSX on
May 16, 2018.
The
very first thing you see is the conversion ratio: 1 share of ENF gets 0.7029 share of ENB.
I frankly do not see anything confusing about it. The "$29.38" value is the result of the conversion based on the prior day's closing price on the TSE as clearly spelled out.