Leading Independent Proxy Advisory Firm Glass Lewis Recommends Crestwood Unitholders Vote “FOR” the Transaction with Energy Transfer
Summary
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that leading independent proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) recommends that unitholders vote “FOR” the pending transaction (the “Transaction”) with Energy Transfer LP (NYSE: ET) (“Energy Transfer”) ahead of the special meeting of unitholders scheduled to be held on October 30, 2023. • “We believe the terms of the merger are favorable for Crestwood and its stockholders [and] combining into the larger entity would mitigate risks and longer-term challenges associated with Crestwood business that are inherent for a smaller scale company.” • “…Crestwood unitholders would benefit from access to a stronger balance sheet and greater potential for value creation compared to the standalone status quo…we believe that the proposed transaction warrants shareholder support at this time.” “We are pleased that both Glass Lewis and ISS support the Board’s unanimous recommendation that unitholders vote “FOR” the Transaction with Energy Transfer. Information about the directors and executive officers of Energy Transfer’s general partner is set forth in its Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 17, 2023. Neither Energy Transfer nor Crestwood assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States.