Teppco special committee rejects Enterprise Products' current offer

By Lisa Kerner

Charlotte, N.C., April 29 - A special committee formed by Texas Eastern Products Pipeline, LLC, the general partner of Teppco Partners, LP, rejected an offer by Enterprise Products Partners LP to acquire the outstanding partnership interests of Teppco, it was announced on Wednesday.

However, the special committee is willing to consider a revised proposal, Teppco said.

According to Houston-based pipeline operator Teppco, Enterprise offered 1.043 Enterprise common units plus $1 in cash for each Teppco common unit.

"The special committee is confident in Teppco's strong financial performance and its diverse and valuable asset mix, which should continue to enhance unitholder value," Donald H. Daigle, chairman of the special committee said in a Teppco news release.

"In addition, we look forward to Teppco maintaining its successful relationship with Enterprise, regardless of ownership structure," Daigle said.

Texas Eastern Products is owned by Enterprise GP Holdings LP.

Enterprise Products Partners is a Houston-based provider of processing, transportation and storage services to the natural gas, natural gas liquids and crude oil industries.

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