Hiland Partners, LP and Hiland Holdings GP, LP Announce Adjournment of Special Meetings of Unitholders and Extension of Merger A
27 10월 2009 - 9:00PM
PR Newswire (US)
ENID, Okla., Oct. 27 /PRNewswire-FirstCall/ -- Hiland Partners, LP
(NASDAQ:HLND) and Hiland Holdings GP, LP (NASDAQ:HPGP) announced
today that each company will adjourn its special meeting of
unitholders scheduled for this morning. The meetings are being
adjourned to allow the boards of directors and conflicts committees
additional time to consider the previously announced proposals made
by Harold Hamm, on behalf of certain of his affiliates, to increase
the merger consideration payable to each company's common
unitholders. The Hiland Partners special meeting will be adjourned
and the vote postponed until November 3, 2009 at 3:30 p.m., central
time, and the Hiland Holdings special meeting will be adjourned and
the vote postponed until November 3, 2009 at 4:30 p.m., central
time. Each special meeting will be held at 302 N. Independence,
Ball Room, Second Floor, Enid, Oklahoma 73701. On October 26, 2009,
in letters to the conflicts committees of the Hiland companies, Mr.
Hamm proposed amending the merger agreements between certain of his
affiliates and each Hiland company to increase the consideration
payable to Hiland Partners common unitholders from $7.75 to $10.00
per common unit and to increase the consideration payable to Hiland
Holdings common unitholders from $2.40 to $3.20 per common unit,
respectively. In connection with Mr. Hamm's proposal and the
adjournment of the Hiland Partners special meeting, Hiland Partners
and Mr. Hamm have agreed to amend the merger agreement between
Hiland Partners and affiliates of Mr. Hamm to extend its end date
to November 6, 2009. Similarly, Hiland Holdings and Mr. Hamm have
agreed to amend the merger agreement between Hiland Holdings and
affiliates of Mr. Hamm to extend its end date to November 6, 2009.
In his letter to each conflicts committee, Mr. Hamm indicated that,
if his proposals are accepted, he expects that the end date under
each merger agreement would be further extended as necessary to
consummate the transactions. The record date for determining
unitholders eligible to vote at the special meetings will remain
September 9, 2009. Valid proxies submitted by unitholders of Hiland
Partners or Hiland Holdings prior to the adjourned October 27, 2009
special meetings will continue to be valid for purposes of the
reconvened special meetings scheduled for November 3, 2009. Common
unitholders of Hiland Partners or Hiland Holdings as of September
9, 2009 who have not voted but wish to do so or who would like to
change their vote should contact D.F. King at 1-800-967-4612. About
the Hiland Companies Hiland Partners, LP is a publicly traded
midstream energy partnership engaged in purchasing, gathering,
compressing, dehydrating, treating, processing and marketing of
natural gas, and fractionating, or separating, and marketing of
natural gas liquids, or NGLs. Hiland Partners, LP also provides air
compression and water injection services for use in oil and gas
secondary recovery operations. Hiland Partners, LP's operations are
primarily located in the Mid-Continent and Rocky Mountain regions
of the United States. Hiland Partners, LP's midstream assets
consist of fifteen natural gas gathering systems with approximately
2,147 miles of gathering pipelines, six natural gas processing
plants, seven natural gas treating facilities and three NGL
fractionation facilities. Hiland Partners, LP's compression assets
consist of two air compression facilities and a water injection
plant. Hiland Holdings GP, LP owns the two percent general partner
interest, 2,321,471 common units and 3,060,000 subordinated units
in Hiland Partners, LP, and the incentive distribution rights of
Hiland Partners, LP. Forward-Looking Statements This press release
includes certain statements concerning expectations for the future
that are forward-looking statements, including statements about
potential amendments to each of the merger agreements and
statements about the intentions Mr. Hamm expressed in his proposal
letters. Such forward-looking statements are subject to a variety
of known and unknown risks, uncertainties, and other factors that
are difficult to predict and many of which are beyond management's
control. An extensive list of factors that can affect future
results are discussed in the definitive joint proxy statement filed
by Hiland Partners and Hiland Holdings, in Hiland Partners' and
Hiland Holdings' Annual Reports on Form 10-K and other documents
filed from time to time with the Securities and Exchange
Commission. Any such forward looking statements are made as of the
date of this press release and neither Hiland Partners nor Hiland
Holdings undertakes any obligation to update or revise any such
forward-looking statements to reflect new information or events.
DATASOURCE: Hiland Partners, LP; Hiland Holdings GP, LP CONTACT:
Derek Gipson, Director - Business Development and Investor
Relations of Hiland Partners, LP, +1-580-242-6040 Web Site:
http://www.hilandpartners.com/
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Hiland Holdings GP, LP (MM) (NASDAQ:HPGP)
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Hiland Holdings GP, LP (MM) (NASDAQ:HPGP)
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