Southern Union, Sandell Asset Management avoid proxy contest

By Lisa Kerner

Charlotte, N.C., March 5 - Southern Union Co. and shareholder Sandell Asset Management Corp. reached an agreement, thus avoiding a proxy contest at the company's 2009 annual meeting.

Under the agreement, two candidates previously nominated by Sandell will be nominated for election to the company's board of directors at its 2009 and 2010 annual meetings.

The candidates will be nominated as additions to the board, Southern Union said.

Sandell, an 8.6% shareholder, agreed to abide by some standstill provisions, according to Southern Union.

In December, Southern Union shareholder Castlerigg Master Investments, a Sandell affiliate, announced it would nominate Stephen Beasley, Michael Egan, Keith Gollust and Nick Graziano for election to the board at the Houston gas company's 2009 annual meeting.

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