Duncan Energy Partners Receives Offer From Enterprise Products Partners (DEP, EPD)

Enterprise Products Partners L.P. EPD has put out an offer for Duncan Energy Partners L.P. DEP at $42 per share, which is a 29% premium to yesterday's closing price of $32.56. “We believe this proposal should be attractive to Duncan Energy Partners investors who would participate in the future growth of Enterprise, which has a backlog of pending capital projects and a more diverse existing asset base,” said Michael A. Creel, Enterprise president and chief executive officer. “In addition, public unitholders of Duncan Energy Partners would receive a substantial premium over the current trading price, a substantial distribution increase and a more liquid security.” “We received Enterprise's merger proposal and will begin our review process,” stated William A. Bruckmann, III, chairman of the Audit, Conflicts and Governance Committee of the board of directors of the general partner of Duncan Energy Partners. Enterprise owns 100 percent of the general partner of Duncan Energy Partners and owns approximately 58 percent of the outstanding common units of Duncan Energy Partners.