450M shares outstanding.. plus 120M shares for TPP = 570M sh outstanding. Divide Mr Duncan's contribution of $12.5M per year by 570M and you get $0.02 per year, per share for his contribution. Forgoing $50M in distributions is good PR, but it amounts to..well, draw your own conclusions.
This $.02 per unit contribution by Mr Duncan may permit EPD to increase its distribution by $.02 per unit per year ($.005 per unit per quarter). By itself, it does not make the transaction an instant success. However, the merger is likely to result in long term strategic benefits. Mr Duncan and EPD have been working toward the goal of acquiring TPP for many years (first having EPE buy the General Partner of TPP).
However, the effect will be for the merger to be accretive to unit holders of EPD almost immediately.
I will gladly take my $.005 per quarter distribution increase (a gift from Mr Duncan) and not complain. I am certain that Mr Duncan would be happy to receive your refund if you feel it is not appropriate.
I am happy to continue with EPD under Mr Duncan's leadership. I am just along for the ride.