You Say Enbridge acquired Specta?

Well, yes Enbridge MANAGEMENT acquired control of Spectra. But it was an all-stock deal. Enbridge share owners merely traded 43% of the old Enbridge for 57% of Spectra.. This is vastly different than a true cash acquisition. If you and your cousin each owned two houses and you each traded a house with each other, would you have acquired anything? A true acquisition by existing owners can only happen when no new shares are issued.