8-KRegulation FDExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Regulation FD Disclosure (Jun 28, 2023)

Filed June 28, 2023For Securities:OKE

Summary

ONEOK Inc. (OKE) filed an 8-K on June 27, 2023, to announce a significant milestone in its pending acquisition of Magellan. The company has successfully received expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976. This development is a critical step forward, as satisfying the HSR waiting period is a condition precedent to the closing of the transaction. The acquisition of Magellan is now on track to close in the third quarter of 2023. However, investors should note that the closing remains subject to the approval of both ONEOK shareholders and Magellan unitholders, along with other standard closing conditions. This regulatory clearance is a positive signal for the deal's progression, and investors will be keenly watching for the shareholder votes and final closing confirmation.

Key Highlights

  • 1ONEOK's acquisition of Magellan has cleared a major regulatory hurdle with the expiration of the HSR Act waiting period.
  • 2This expiration satisfies one of the key conditions required for the transaction to close.
  • 3The acquisition is now expected to be completed in the third quarter of 2023.
  • 4Closing is still contingent upon approval from ONEOK shareholders and Magellan unitholders.
  • 5Other customary closing conditions must also be met for the transaction to finalize.
  • 6ONEOK has made its latest investor materials available on its website.

Frequently Asked Questions

The expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) means that the U.S. Department of Justice and the Federal Trade Commission have reviewed the proposed acquisition of Magellan by ONEOK and have not raised any antitrust objections. This is a crucial step as it removes a significant regulatory hurdle and is a necessary condition for the transaction to proceed towards closing.

ONEOK expects the acquisition of Magellan to close in the third quarter of 2023. This timeline is now more concrete following the HSR clearance.

Yes, while the HSR waiting period has expired, the transaction is still subject to approval by both ONEOK shareholders and Magellan unitholders. Additionally, other customary closing conditions must be satisfied.

ONEOK has indicated that its latest investor materials are available on its corporate website at www.oneok.com. Investors can refer to these materials for further details on the acquisition and the company's financial status.