Summary
This Form 6-K filing by Enbridge Inc. (ENB) on February 27, 2017, primarily serves to announce the completion of its previously announced stock-for-stock merger with Spectra Energy Corp. This significant transaction consolidates Enbridge's position as a premier North American energy infrastructure company. Investors should note that trading in Spectra Energy common stock on the NYSE was suspended and will be delisted, with its shares being exchanged for Enbridge common shares. Enbridge's shares will continue to trade on both the NYSE and Toronto Stock Exchange under the "ENB" ticker.
Key Highlights
- 1Enbridge Inc. has successfully completed its stock-for-stock merger with Spectra Energy Corp.
- 2Spectra Energy common stock trading on the NYSE has been suspended and will be delisted.
- 3Spectra Energy shareholders will receive Enbridge common shares in exchange for their Spectra Energy shares.
- 4Enbridge common shares will continue to trade on the NYSE and Toronto Stock Exchange under the symbol "ENB".
- 5The exchange process for shareholders holding physical stock certificates is detailed, with a letter of transmittal to be issued by the exchange agent.
- 6The merger aims to enhance Enbridge's standing as a leading North American energy infrastructure company.
Frequently Asked Questions
The main purpose of this filing is to announce the official completion of Enbridge Inc.'s merger with Spectra Energy Corp. It provides important information regarding the cessation of trading for Spectra Energy shares and the process for shareholders to exchange their shares.
Spectra Energy shareholders will have their common stock automatically exchanged for common shares of Enbridge Inc. Trading in Spectra Energy stock on the NYSE has been suspended and will be delisted. Shareholders holding physical certificates will need to follow instructions provided by the exchange agent, CST Trust Company, via a letter of transmittal.
If your Spectra Energy shares are held in book-entry form, the exchange will happen automatically. If you hold physical stock certificates, you will need to wait for a letter of transmittal from CST Trust Company and follow the instructions provided to surrender your certificates and receive Enbridge shares.
Enbridge encourages shareholders to visit the investor relations page on its website, www.enbridge.com, for more information about the merger transaction.