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Targa Resources Corp. 8-K Report, Shareholder Vote Results (Feb 12, 2016)

Filed February 12, 2016For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) filed an 8-K on February 12, 2016, to report the results of a Special Meeting of Stockholders held on the same date. The primary focus of the meeting was a vote on the issuance of common stock in connection with a merger contemplated by an Agreement and Plan of Merger. This merger involved Spartan Merger Sub LLC, Targa Resources Partners LP, and Targa Resources GP LLC. The results indicate strong shareholder support for the proposed merger, with the stock issuance proposal receiving a significant majority of 'FOR' votes (39,133,400) compared to 'AGAINST' votes (3,287,188). Additionally, a proposal to adjourn the meeting if necessary to solicit additional proxies was also approved, demonstrating management's commitment to ensuring sufficient shareholder approval for the merger. The company also announced these voting results via a joint press release with Targa Resources Partners LP.

Key Highlights

  • 1Targa Resources Corp. held a Special Meeting of Stockholders on February 12, 2016.
  • 2Shareholders voted on a proposal to approve the issuance of common stock in connection with a merger.
  • 3The stock issuance proposal received overwhelming approval: 39,133,400 votes 'FOR' vs. 3,287,188 votes 'AGAINST'.
  • 4A proposal to adjourn the meeting to solicit additional proxies was also approved.
  • 5No broker non-votes were recorded for either proposal, indicating high shareholder participation or consistent voting instructions.
  • 6The company and Targa Resources Partners LP issued a joint press release announcing these voting results.
  • 7The filing includes the press release as an exhibit.

Frequently Asked Questions

The main purpose of the Special Meeting was for Targa Resources Corp. stockholders to vote on a proposal to approve the issuance of the company's common stock in connection with a merger agreement with Spartan Merger Sub LLC, Targa Resources Partners LP, and Targa Resources GP LLC.

Yes, the stock issuance proposal was overwhelmingly approved by Targa Resources Corp. shareholders, with approximately 39.1 million votes in favor and only about 3.3 million votes against.

The adjournment proposal allowed the Board of Directors to adjourn the meeting if there were not sufficient votes to approve the stock issuance proposal at the time of the meeting. This is a common procedural proposal to ensure that management has the opportunity to gather more shareholder support if initially needed, and it also passed.

This 8-K primarily reports on shareholder voting outcomes related to a proposed merger. It does not contain detailed financial statements or immediate financial results. The primary implication for investors is the successful progression of the merger transaction due to shareholder approval.