Southern Union Trading Over 2.5% Higher after Energy Transfer Raises Bid

Energy Transfer Equity LP ETE lifted its bid for Southern Union Co SUG to $8.9 billion, including $5.1 billion in cash and ETE common units. Williams Co WMB last month made an unsolicited $39 per share offer for Southern, higher than $33 per share offer from Energy Transfer. Under the new offer, Southern Union shareholders can elect to swap their shares for $40 per share in cash or 0.903 ETE common units. The new price represents more than a 42% premium to the Southern Union's closing price on June 15. Read more here.