Stock price when the opinion was issued
Enbridge wants to buy ENF to simplify their corporate structure. In the States, Enbridge offered a small premium, while in Canada, they offered a premium. He suspects the directors of ENF-T are waiting for a higher premium (or that's what he would do). Pays a higher yield than Enbridge Inc. but lacks the dividend growth potential.
Was the recipient of a number of Enbridge (ENB-T) Parent Corp assets last fall. These assets were more mature and had less growth in Enbridge parent, and was also a mechanism to raise cash for Enbridge. Likes the growth profile, but doesn’t like their constant need for equity. You have to offset that with the dividend growth. Prefers the parent. Dividend yield of 6.7%.