HOUSTON, TX, May 18, 2018 /PRNewswire/ - Enbridge Energy
Management, L.L.C. (NYSE: EEQ) (Enbridge Management) today announced that it has received a non-binding offer from Enbridge Inc.
(Enbridge) (TSX, NYSE: ENB) to acquire all of the outstanding equity securities of EEQ not currently beneficially owned by
Enbridge.
The board of directors of Enbridge Management (the EEM Board) has established a special committee of independent directors to
review and consider the proposal.
The proposed transaction is subject to the review and recommendation by the special committee of the EEM Board, final
approvals by the boards of directors of Enbridge Management and Enbridge, and negotiation of a definitive agreement. Any
definitive agreement is expected to contain customary closing conditions, including standard regulatory notifications and
approvals. There can be no assurance that any agreement will be reached or that a transaction will be consummated.
Shareholders of EEQ do not need to take any action with respect to the proposal at this time.
FORWARD-LOOKING INFORMATION
This communication includes certain forward looking statements and information (FLI) to provide EEQ shareholders and potential
investors with information about EEQ and its subsidiaries and affiliates. FLI is typically identified by words such as
"anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words
suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be
FLI. In particular, this news release contains FLI pertaining to, but not limited to, information with respect to a proposed
transaction between EEQ and Enbridge.
Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such
statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature,
FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known
and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the negotiation and
execution, and the terms and conditions, of definitive agreements relating to the proposed transaction and the ability of
Enbridge or EEQ to enter into or consummate such agreement; the risk that the proposed merger does not occur; negative effects
from the pendency of the proposed merger; failure to obtain the required vote of EEQ's shareholders or board support; the timing
to consummate the proposed transaction; the focus of management time and attention on the proposed transaction and other
disruptions arising from the proposed transaction; potential changes in the Enbridge share price which may negatively impact the
value of consideration offered to EEQ shareholders; expected supply and demand for crude oil, natural gas, natural gas liquids
and renewable energy; prices of crude oil, natural gas, natural gas liquids and renewable energy; economic and competitive
conditions; expected exchange rates; inflation; interest rates; tax rates and changes; completion of growth projects; anticipated
in-service dates; capital project funding; success of hedging activities; the ability of management of EEQ, its subsidiaries and
affiliates to execute key priorities, including those in connection with the proposed transactions; customer, shareholder,
regulatory and other stakeholder approvals and support; and regulatory and legislative decisions and actions.
Except to the extent required by law, we assume no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Reference should also be made to Enbridge Management's
filings with the U.S. Securities and Exchange Commission (the SEC), including its most recently filed 2017 Annual Report on Form
10-K dated February 16, 2018 and Quarterly Report on Form 10-Q for additional factors that may
affect results. These filings are available to the public over the Internet at the SEC's website (www.sec.gov) and at the Partnership's website.
IMPORTANT NOTICE TO INVESTORS
This press release is not a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell listed shares
of EEQ, and it is not a substitute for any proxy statement or other filings that may be made with the Securities and Exchange
Commission (SEC) should these proposed transactions go forward. If such documents are filed with the SEC, investors will be urged
to thoroughly review and consider them because they will contain important information, including risk factors. Any such
documents, once filed, will be available free of charge at the SEC's website (www.sec.gov) and from Enbridge and EEQ, as applicable.
About Enbridge Energy Management, L.L.C.
Enbridge Energy Management, L.L.C. manages the business and affairs of the Partnership, and its sole asset is an
approximate 20 percent limited partner interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned
subsidiary of Enbridge Inc. of Calgary, Alberta, Canada (NYSE: ENB) (TSX:
ENB) is the general partner of the Partnership and holds an approximate 35 percent interest in the Partnership. Enbridge
Management is the delegate of the general partner of the Partnership.
About Enbridge Energy Partners, L.P.
Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil transportation systems in
the United States . Its principal crude oil system is the largest pipeline transporter of
growing oil production from western Canada and the North Dakota Bakken
formation. The system's deliveries to refining centers and connected carriers in the United
States account for approximately 25 percent of total U.S. oil imports. Enbridge Energy Partners, L.P. is
traded on the New York Stock Exchange under the symbol EEP; information about
the company is available on its website at www.enbridgepartners.com .
FOR FURTHER INFORMATION PLEASE CONTACT:
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SOURCE Enbridge Energy Management L.L.C.