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ENLC-News
ENLC-Events
EnLink unitholders approve Oneok acquisition of remaining public units
Oneok (OKE) and EnLink Midstream (ENLC) announced that EnLink unitholders approved Oneok's previously announced acquisition of the remaining publicly held common units of EnLink. According to preliminary results of the EnLink Special Meeting of Unitholders, approximately 99.8% of the common units voted, or 379.1M units, were cast in favor of the transaction, resulting in 82.9% of outstanding units voting in favor. The acquisition is expected to close tomorrow, Jan. 31. EnLink common units are expected to cease trading on the New York Stock Exchange prior to market open on Jan. 31. As previously announced, upon completion of the acquisition, each outstanding common unit of EnLink not owned by Oneok will be converted into 0.1412 shares of Oneok common stock.
Oneok's acquisition of EnLink Midstream recommended by ISS; Glass Lewis
Oneok (OKE) and EnLink Midstream (ENLC) announced that the two leading independent proxy advisory firms, ISS and Glass Lewis, have recommended that EnLink unitholders vote in favor of Oneok's pending acquisition of the remaining publicly held common units of EnLink at the upcoming Special Meeting of EnLink Unitholders. The Special Meeting is scheduled to take place on Jan. 30 and will be held virtually. The EnLink Board of Directors and the Conflicts Committee of the EnLink Board of Directors unanimously recommend that unitholders vote for all proposals provided in detail in the definitive proxy statement related to the Special Meeting. Completion of the acquisition is subject to the approval of a majority of the outstanding EnLink common units including common units owned by Oneok and other customary closing conditions. No Oneok shareholder vote is required to complete the transaction. The transaction is expected to close soon after the Special Meeting, subject to the satisfaction or waiver of all other closing conditions.
Oneok, EnLink announce filing of EnLink's proxy materials with U.S. SEC
ONEOK,(OKE) and EnLink Midstream (ENLC) announced the filing of EnLink's definitive proxy materials with the U.S. Securities and Exchange Commission, SEC, in connection with ONEOK's pending acquisition of the remaining publicly held common units of EnLink. All EnLink unitholders of record as of the close of business on Dec. 23, 2024, will be entitled to vote their units at the Special Meeting. The EnLink Board of Directors and the Conflicts Committee of the EnLink Board of Directors unanimously recommend that unitholders vote "FOR" all proposals provided in detail in the definitive proxy statement. Proxy materials are expected to be mailed on or about Dec. 31, 2024.
Oneok to acquire outstanding shares of EnLink Midstream for $4.3B in stock
Oneok (OKE) and EnLink Midstream (ENLC) announced that they have executed a definitive merger agreement under which Oneok will acquire all of the outstanding publicly held common units of EnLink for $4.3B in Oneok common stock. Under the agreement, each outstanding common unit of EnLink that Oneok does not already own will be converted into 0.1412 shares of Oneok common stock. The exchange ratio was derived by dividing $15.75 per unit, equal to EnLink's market close price on Nov. 22, by Oneok 10-day volume-weighted average price, or VWAP. In the aggregate, Oneok will issue approximately 37M shares in connection with the proposed transaction, representing approximately 6% of the total Oneok shares outstanding upon consummation of the transaction. The board of directors of the managing member of EnLink delegated to the conflicts committee of such board, consisting of three independent directors, the authority to review, evaluate, negotiate and approve the transaction. The EnLink conflicts committee, after evaluating the transaction with its independent legal and financial advisors, unanimously determined that the transaction is in the best interests of EnLink and the public unitholders and approved the transaction. The EnLink conflicts committee recommended approval of the transaction to the EnLink board, which also unanimously approved the transaction. Subject to the satisfaction of customary closing conditions, completion of the transaction is expected to occur in the first quarter of 2025. The completion of the merger is subject to the approval of a majority of the outstanding EnLink common units and other customary closing conditions. Oneok has committed to vote its units, representing approximately 44% of the outstanding EnLink common units, in favor of the transaction. No Oneok shareholder vote is required to complete the transaction. In addition, no further regulatory approval is necessary, as Oneok filed under the Hart-Scott-Rodino Act in connection with its previously announced acquisition of the controlling interest in EnLink, and the necessary waiting period, including for this transaction, has been completed. On October 15, Oneok announced the successful completion of its acquisition of Global Infrastructure Partners entire interest in EnLink for a total cash consideration of approximately $3.3B.
EnLink Midstream still sees 2024 adjusted EBITDA $1.31B-$1.41B
Sees 2024 CapEx $435M-$485M.
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