Copano Energy, LLC (Copano), a wholly owned subsidiary of Kinder Morgan
Energy Partners, L.P. KMP, today announced that Copano, KMP and
KMP's general partner have reached an agreement to settle all claims
asserted against all defendants purportedly brought on behalf of Copano's
former common unitholders arising from the acquisition of Copano by KMP,
which closed May 1. Copano unitholders approved the merger, with more than
99 percent of the units that voted cast in favor of the transaction. These
claims were filed in lawsuits in Delaware and Texas. As previously disclosed
in Copano's Form 8-K filed on April 22, 2013, pursuant to the terms of the
settlement, Copano agreed to make certain supplemental disclosures related
to the proposed merger solely to avoid the risk of delaying the merger and
minimize the expense and uncertainty of continued litigation. The settlement
does not require the defendants to pay any monetary consideration to the
proposed settlement class. The settlement is subject to, among other
conditions, approval of the Delaware Chancery Court. A settlement hearing
has been scheduled for Sept. 9, 2013.
The merger consideration received by Copano's unitholders was valued at
$40.91 per common unit based on KMP's closing price as of Jan. 29, 2013,
representing a 23.5 percent premium over the closing price of Copano common
units on Jan. 29, 2013.
Written notice concerning the terms of the settlement will be provided to
Copano unitholders, including information about the rights of class members.
Kinder Morgan Energy Partners, L.P. KMP is a leading pipeline
transportation and energy storage company and one of the largest publicly
traded pipeline limited partnerships in America. It owns an interest in or
operates approximately 54,000 miles of pipelines and 180 terminals. The
general partner of KMP is owned by Kinder Morgan, Inc. KMI. Kinder
Morgan is the largest midstream and the third largest energy company in
North America with a combined enterprise value of approximately $115
billion. It owns an interest in or operates approximately 80,000 miles of
pipelines and 180 terminals. Its pipelines transport natural gas, gasoline,
crude oil, CO(2) and other products, and its terminals store petroleum
products and chemicals and handle such products as ethanol, coal, petroleum
coke and steel. KMI owns the general partner interests of KMP and El Paso
Pipeline Partners, L.P. EPB, along with limited partner interests in
KMP and EPB and shares of Kinder Morgan Management, LLC KMR. For
more information please visit www.kindermorgan.com.
This news release includes forward-looking statements. These forward-looking
statements are subject to risks and uncertainties and are based on the
beliefs and assumptions of management, based on information currently
available to them. Although Kinder Morgan believes that these
forward-looking statements are based on reasonable assumptions, it can give
no assurance that such assumptions will materialize. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements herein include those enumerated in Kinder
Morgan's reports filed with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they were made, and
except to the extent required by law, Kinder Morgan undertakes no obligation
to update or review any forward-looking statement because of new
information, future events or other factors. Because of these uncertainties,
readers should not place undue reliance on these forward-looking statements.
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