Oneok files proxy materials with SEC related to Magellan Midstream acquisition

ONEOK (OKE) announced that it has filed definitive proxy materials with the SEC in connection with ONEOK’s pending acquisition of Magellan Midstream Partners (MMP). The ONEOK Special Meeting of Shareholders is scheduled to take place on Sept. 21. All shareholders of record of ONEOK common stock as of the close of business on July 24 will be entitled to vote their shares by proxy at the Special Meeting. The ONEOK board of directors unanimously recommends that shareholders vote “FOR” all proposals provided in detail in the definitive proxy statement. Proxy materials are expected to be mailed on or about July 28. As previously announced on May 14, 2023, ONEOK will acquire all outstanding units of Magellan in a cash-and-stock transaction consisting of $25.00 in cash and 0.667 shares of ONEOK common stock for each outstanding Magellan common unit. The transaction is expected to close in the Q3, subject to approval by both ONEOK shareholders and Magellan unitholders, and other customary closing conditions.