What was the main purpose of the special shareholder meeting?

The main purpose of the special shareholder meeting was for ONEOK's shareholders to vote on and approve the "Stock Issuance Proposal." This proposal is essential for ONEOK to issue its common stock to Magellan Midstream Partners, L.P. unitholders as part of the agreed-upon merger.

Did shareholders approve the stock issuance for the Magellan merger?

Yes, ONEOK shareholders overwhelmingly approved the "Stock Issuance Proposal" by a significant margin. This approval is a crucial milestone for the merger to proceed.

When is the expected closing date for the Magellan merger?

ONEOK anticipates the closing of the merger transaction to occur on or about September 25, 2023. This is contingent upon the satisfaction of all customary closing conditions outlined in the merger agreement.

What happens if closing conditions are not met by September 25, 2023?

The 8-K filing states that the consummation of the merger is subject to the satisfaction of certain customary closing conditions. If these conditions are not met, the closing may be delayed or the transaction may not be completed as planned. Further details on these conditions are available in the joint proxy statement/prospectus.

OKE 8-K: Shareholder Matters & Regulation FD

Summary

ONEOK, Inc. (OKE) filed an 8-K on September 21, 2023, reporting the outcome of its special shareholder meeting held on September 20, 2023. The primary focus was the "Stock Issuance Proposal," which sought shareholder approval for issuing ONEOK's common stock to Magellan Midstream Partners, L.P. (MGP) unitholders as part of the merger agreement. The proposal received overwhelming support from ONEOK shareholders, with a significant majority voting in favor. With shareholder approval secured for the stock issuance, the merger transaction is a significant step closer to completion. The company anticipates the closing of the transaction to occur around September 25, 2023, subject to the satisfaction of customary closing conditions. This 8-K filing serves to officially document the shareholder vote and update investors on the progress of the Magellan acquisition, a key strategic initiative for ONEOK.

Key Highlights

1ONEOK shareholders overwhelmingly approved the "Stock Issuance Proposal" required for the merger with Magellan Midstream Partners, L.P.
2The special meeting saw approximately 73% of voting shares represented, indicating strong shareholder engagement.
3The approved stock issuance is a critical step towards the consummation of the merger agreement.
4ONEOK expects the merger to close on or about September 25, 2023, provided all closing conditions are met.
5A proposal to adjourn the meeting was not called due to the strong approval of the main stock issuance proposal.
6The filing includes a press release dated September 21, 2023, announcing the meeting results.

ONEOK INC /NEW/ 8-K Report, Shareholder Vote Results (Sep 22, 2023)

Summary

Key Highlights

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