DFAN14A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
Filed by the Registrant o
Filed by a Party other than the Registrant þ
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Preliminary Proxy Statement |
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Confidential, for the use of the Commission only (as permitted by Rule 14a-6(e)(2)) |
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material Pursuant to Section 240.14a-12 |
ENERGY PARTNERS, LTD.
(Name of Registrant As Specified In Its Charter)
ATS INC.
an indirect wholly owned subsidiary of
WOODSIDE PETROLEUM LTD.
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
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No fee required. |
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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Title of each class of securities to which transaction applies: |
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Aggregate number of securities to which transaction applies: |
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined): |
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Proposed maximum aggregate value of transaction: |
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Total fee paid: |
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Fee paid previously with preliminary materials. |
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Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its filing. |
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Amount previously paid: |
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Form, Schedule or Registration Statement No.: |
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TABLE OF CONTENTS
EXHIBIT INDEX
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Exhibit No. |
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99.1 |
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Press release, dated August 28, 2006 |
99.2 |
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Open letter to employees of Energy Partners, Ltd., dated August 28, 2006 |
Exhibit 99.1
News Release
ATS
INC., A MEMBER OF AUSTRALIAS WOODSIDE GROUP, TO MAKE ALL-CASH PROPOSAL TO ACQUIRE ENERGY PARTNERS, LTD. (EPL)
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ATS to offer US$23.00 per share in cash, subject to an increase to US$24.00 per share in
cash under certain circumstances |
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ATS proposal would provide a 25% premium (or, under certain circumstances, a 30%
premium) to EPLs latest closing price (25 August 2006) of US$18.40 |
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Acquisition would build strongly on the Woodside Groups existing presence in the Gulf
of Mexico, while retaining EPLs strong presence in the New Orleans area |
Covington, Louisiana, 28 August 2006 ATS Inc., a subsidiary of Woodside Petroleum Ltd.
(ASX:WPL), Australias largest publicly listed oil and gas company, is making an all-cash proposal
to acquire for US$23.00 per share the outstanding shares of common stock of Energy Partners, Ltd.
(NYSE: EPL), an independent oil and gas producer which operates in the Gulf of Mexico.
ATSs base offer price of US$23.00 per share represents a premium above EPLs latest closing price
(25 August 2006) of US$18.40 as follows:
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1 day |
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25 |
% |
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30 calendar day average |
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28 |
% |
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60 calendar day average |
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27 |
% |
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90 calendar day average |
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24 |
% |
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ATS currently holds 1,719,000 shares in EPL, or about 4.5% of the shares outstanding as reported in
EPLs latest quarterly filing.
ATS intends to take its offer directly to EPLs stockholders by commencing an all-cash tender offer
for the outstanding EPL shares. ATSs offer is conditional on EPL stockholders voting down the
companys current merger agreement with Stone Energy Corporation (NYSE: SGY). Other standard terms
and conditions will also apply. ATS intends to solicit proxies against this merger.
ATS is filing litigation in the Delaware Court of Chancery today seeking, among other things, to
invalidate certain provisions of the merger agreement between SGY and EPL relating to two
termination fees. The first fee has already been advanced from EPL on behalf of SGY in payment of
a termination fee in respect of SGYs previously announced
merger with Plains Exploration and
Production Company. The second fee would be payable from EPL to SGY in the event of a termination
of their current merger agreement under certain circumstances.
If either termination fee is invalidated, ATS intends to benefit EPLs stockholders by increasing
the offer price to US$23.50 per share. This increased offer would represent a premium above EPLs
latest closing
price (25 August 2006) of US$18.40 as follows:
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1 day |
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28 |
% |
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30 calendar day average |
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31 |
% |
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60 calendar day average |
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30 |
% |
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90 calendar day average |
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27 |
% |
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If both termination fees are invalidated, ATS intends to benefit EPLs stockholders by increasing
the offer price to US$24.00 per share. This increased offer would represent a premium above EPLs
latest closing price (25 August 2006) of US$18.40 as follows:
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1 day |
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30 |
% |
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30 calendar day average |
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33 |
% |
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60 calendar day average |
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33 |
% |
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90 calendar day average |
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30 |
% |
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Woodside Petroleum Ltd. is Australias largest publicly-listed oil and gas company. It was
established in 1954, is listed on the Australian Stock Exchange and has a market capitalization of
about US$22 billion. Woodside has its headquarters in Perth, Australia and has about 3400
employees. It has exploration interests in eleven countries, and production from four.
Woodside is best known as the operator and one-sixth owner of the North West Shelf Venture,
Australias biggest natural resources project. The Venture is a major producer of liquefied natural
gas, liquid petroleum gas, pipeline gas, crude oil and condensate.
The Woodside Group has been active in the United States since 1999 and has offices in Los Angeles,
Houston and Covington.
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Media Contact: |
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Roger Martin |
Telephone: |
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(985) 249 5300 |
This press release is provided for informational purposes only and is neither an offer to
purchase nor a solicitation of an offer to sell any securities of EPL. The proposed tender offer
for the outstanding shares of EPL common stock described in this press release has not commenced.
Any offers to purchase or solicitation of offers to sell will be made only pursuant to a tender
offer statement (including an offer to purchase, a letter of transmittal and other offer documents)
filed with the Securities and Exchange Commission (SEC). EPL stockholders are advised to read
these documents and any other documents relating to the tender offer that are filed with the SEC
carefully and in their entirety when they become available because they will contain important
information. EPL stockholders may obtain copies of these documents for free, when available, at the
SECs website at www.sec.gov or by calling Innisfree M&A Incorporated, the Information Agent for
the offer, at 1-888-750-5834.
THIS PRESS RELEASE DOES NOT CONSTITUTE A SOLICITATION OF A PROXY, FOR OR WITH RESPECT TO THE
ANNUAL MEETING OR ANY SPECIAL MEETING OF THE COMPANYS STOCKHOLDERS. ANY SUCH SOLICITATION WILL BE
MADE ONLY PURSUANT TO SEPARATE PROXY SOLICITATION COMPLYING WITH THE REQUIREMENTS OF SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
Exhibit 99.2
28 August 2006
Open Letter to the Staff of
Energy Partners, Ltd.
As you would know, Woodsides wholly-owned subsidiary, ATS Inc., is making a tender offer for
the shares in Energy Partners, Ltd. (EPL).
I wanted to take the time to let you know about the Woodside group of companies (Woodside), and
why we have made this offer.
Woodside Petroleum Ltd, the parent company of the group, is a pure oil and gas company, established
in 1954 with its headquarters in Perth, Australia. It is listed on the Australian Stock Exchange
and has a market capitalisation of about US$22 billion. Our group has exploration in eleven
countries, and production in four.
We are best known as the operator and one-sixth owner of the North West Shelf LNG Venture,
Australias biggest natural resources project. The Venture is a major producer of liquefied natural
gas, pipeline gas, liquid petroleum gas, oil and condensate.
Woodside has had a presence in the United States since 1999, and now has offices in Los Angeles,
Houston and Covington. We have about 100 US staff and nearly all of them have extensive Gulf of
Mexico experience.
For the past few years we have been increasing our focus in the Gulf of Mexico, where we have about
250 leases and have drilled eight exploration wells so far this year. We produce oil and gas from
19 fields and another five are under development.
Later this year, we will take possession of the Jack Bates semi-submersible drilling rig on a
two-year contract, and we are excited about putting it to work in the deep waters of the Gulf.
EPL is a great company. Were excited about the prospect of you becoming part of the Woodside story
and we hope to convince you that Woodside is an exciting place to continue your careers.
We feel there are natural synergies in the expertise and experience EPL people can bring to
Woodside, and the strength and opportunity for growth that Woodside can bring to EPL.
Like EPL, we returned to our offices in Louisiana as quickly as we could after last years
hurricanes. Most of our US staff work from our offices in Covington and live in the greater New
Orleans area.
We are committed to the area and intend to maintain EPLs presence in the Gulf should our tender
offer for the company be successful.
WOODSIDE PETROLEUM LTD.
A.B.N. 55 004 898 962
Registered Office: Woodside Plaza, 240 St Georges Terrace, Perth, Western Australia, 6000
Box D188 GPO Perth, Western Australia, 6840
Telephone: +61 8 9348 4000 Facsimile: +61 8 9325 8178
I invite you to find out more about Woodside. Our website has plenty of information:
www.woodside.com.au.
You will find that the safety of our staff and contractors and the protection of the environment
are two of our most important principles. We take seriously the need for the best ethical behaviour
and operate under an extensive code of conduct.
I hope this note has answered key queries you may have of Woodside.
I have left out the financial detail of our offer. If you want a summary of it, please read the
news release on our website at the address given above.
DON VOELTE
Managing Director & CEO
This letter is provided for informational purposes only and is neither an offer to purchase nor a
solicitation of an offer to sell any securities of EPL. The proposed tender offer for the
outstanding shares of EPL common stock described in this letter has not commenced. Any offers to
purchase or solicitation of offers to sell will be made only pursuant to a tender offer statement
(including an offer to purchase, a letter of transmittal and other offer documents) filed with the
Securities and Exchange Commission (SEC). EPL stockholders are advised to read these documents
and any other documents relating to the tender offer that are filed with the SEC carefully and in
their entirety when they become available because they will contain important information. EPL
stockholders may obtain copies of these documents for free, when available, at the SECs website at
www.sec.gov or by calling Innisfree M&A Incorporated, the Information Agent for the offer, at
1-888-750-5834.
THIS LETTER DOES NOT CONSTITUTE A SOLICITATION OF A PROXY, FOR OR WITH RESPECT TO THE ANNUAL
MEETING OR ANY SPECIAL MEETING OF THE COMPANYS STOCKHOLDERS. ANY SUCH SOLICITATION WILL BE MADE
ONLY PURSUANT TO SEPARATE PROXY SOLICITATION COMPLYING WITH THE REQUIREMENTS OF SECTION 14(A) OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.