Why did I receive fewer Enbridge shares than I had in Spectra following your merger?

Our Answer

Vonno asked this question on March 6, 2017.

Hi Vonno,

Your Spectra Energy shares were exchanged for Enbridge shares using an exchange ratio of 0.984 Enbridge shares for each Spectra share. Because the exchange ratio was less than 1, this means that you received a smaller number of Enbridge shares in exchange for your Spectra shares.

The exchange ratio was a negotiated part of the transaction which was announced September 6, 2016.

For information on the benefits of the transaction and the terms, we encourage you to review the announcement news release.