Summary
ONEOK Inc. (OKE) filed an 8-K report on January 6, 2003, disclosing a definitive settlement agreement with Southern Union Company. This agreement resolves all outstanding legal disputes originating from ONEOK's terminated offer to acquire Southwest Gas Corp. in 1999. The settlement also addresses claims against individuals John A. Gaberino Jr. and E. N. Dubay concerning this matter. As part of the resolution, ONEOK has paid $5 million to Southern Union Company. Importantly, ONEOK and its affiliated parties have been released from any claims brought by Southern Union related to the 1999 Southwest Gas acquisition activities. The company has also included a press release dated January 3, 2003, as an exhibit to this filing, which likely provides further details on the settlement.
Key Highlights
- 1ONEOK Inc. has entered into a definitive settlement agreement with Southern Union Company.
- 2The settlement resolves all remaining legal issues stemming from the terminated offer to acquire Southwest Gas Corp. in 1999.
- 3Claims against John A. Gaberino Jr. and E. N. Dubay related to the matter are also resolved.
- 4ONEOK paid $5 million to Southern Union Company as part of the settlement.
- 5ONEOK and its affiliates are released from all claims by Southern Union related to the 1999 Southwest Gas acquisition.
- 6A U.S. District Court order dismissing the lawsuits with prejudice has been filed.
- 7The filing includes a press release dated January 3, 2003, as an exhibit.