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.
It is part of a broader umbrella used as a vehicle for asset ‘drop down’ to enjoy a lower tax rate. It has done fairly well over the long haul but sold off as of late. He plays pipelines thought the parent, however. But he has no qualms with this one.