Sunoco Shareholder Sues To Stop $5.3B ETP Takeover

Law360, New York (July 9, 2012, 3:02 PM EDT) -- A Sunoco Inc. shareholder on Monday sued to stop Texas-based pipeline operator Energy Transfer Partners LP's $5.3 billion takeover of the refiner and gas retailer, alleging Sunoco has skimmed over transaction details, including an ETP restructuring that could devalue the deal's stock swap.

The plaintiff is seeking to delay the shareholder vote to approve the transaction, saying that Sunoco failed to fully explain ETP's parent company's recent acquisition of midstream Southern Union Co. in its proxy filed with securities regulators last month. That deal involved "a...
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