Magellan Midstream Partners unit holders have approved the pipeline company’s $19 billion merger agreement with Oneok, the company said at a special shareholder meeting held Thursday morning.
But unit holders backed Magellan management, which argued the deal offered a sizable premium to unit holders and would create a more diversified and stable business. Magellan Midstream Partners units were down 0.1% to $69.02 on Thursday morning, while Oneok slipped 1.3% to $66.13 in the wake of the news. Magellan is trading in line with the deal value, which Barron’s calculated at about $69.10 per unit.
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Magellan Picks Up Support of Big Investor for Merger but Deal Outlook Remains CloudyALPS Advisors, which runs a big ETF, backs Magellan's deal with Oneok but many retail investors oppose it. The vote is Thursday.
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