El Paso Reschedules Kinder Morgan Merger Vote

Date : 03/05/2012 @ 11:36AM
Source : Dow Jones News
Stock : EL Paso Corp. (Holding Co.) (EP)
Quote : 28.75  0.0 (0.00%) @ 2:05AM

El Paso Reschedules Kinder Morgan Merger Vote

El Paso (NYSE:EP)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more El Paso Charts.

El Paso Corp. (EP) has postponed a special meeting for shareholders to decide whether to approve a takeover by Kinder Morgan Inc. (KMI) after a Deleware court denied challenges to the merger.

El Paso shareholders will vote Friday, three days after originally scheduled, to approve the $21.1 billion takeover that would create the largest natural gas pipeline company in the country. The postponement will give shareholders "additional time to consider" the Delaware Court of Chancery's March 1 opinion, El Paso said.

El Paso shareholders had argued that the deal contained too many conflicts of interest. Goldman Sachs Group (GS) was the banker for El Paso while its private equity operations owned a 19% stake in Kinder Morgan, and El Paso Chief Executive Douglas Forshee was also privately interested in buying some of El Paso's businesses back from Kinder Morgan after the merger was completed.

The Delaware judge said the deal process could continue but critized its handling, adding that shareholders still have time to prove the deal was "tainted by disloyalty."

-By Ben Lefebvre, Dow Jones Newswires; 713-547-9201; ben.lefebvre@dowjones.com

Latest EP Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.