According to the Complaint, On September 6, 2016, Spectra and Enbridge announced in a joint press release that they had entered into an Agreement and Plan of Merger dated September 5, 2016 (the “Merger Agreement”). According to the Merger Agreement, Enbridge would acquire all of the outstanding shares of Spectra common shares in an all-stock transaction (the “Proposed Transaction”) for 0.984 of a Enbridge common share per Spectra common share (the “Merger Consideration”) for a value of $40.33 per share based on the September 2, 2016 Enbridge closing price of $40.99.

The Complaint alleges given Spectra’s recent strong performance, as well as its future growth prospects, the consideration shareholders will receive is inadequate and undervalues the Company.

On March 6, 2017, this case was voluntarily dismissed.