HOUSTON -- Kinder Morgan Inc. (NYSE: KMI) and El Paso Corp. (NYSE: EP) announced that a the tentative deadline for El Paso shareholders and equity award holders to elect the form of consideration they wish to receive in El Paso’s pending merger with Kinder Morgan is 5 p.m. EDT on May 23, 2012.
According to the Kinder Morgan website, the election deadline may be extended.
The closing of the merger is expected to occur by the end of May, subject to regulatory approval. El Paso shareholders who hold shares through a bank, broker, trust company or other nominee may have an earlier election deadline and should carefully review any instructions received from their bank, broker, trust company or other nominee, according to a Kinder Morgan news release.
As previously announced, El Paso shareholders can elect, for each El Paso share held, either cash, Kinder Morgan common stock, or a combination of cash and Kinder Morgan common stock. El Paso equity award holders can elect either cash or a combination of cash and Kinder Morgan common stock for all of their outstanding equity awards.
All elections will be subject to proration and all El Paso shareholders and equity award holders will receive warrants to purchase Kinder Morgan common stock.
To make an election, El Paso shareholders and equity award holders must deliver to Computershare Trust Company, N.A., the exchange agent for the transaction, prior to the election deadline, a properly completed election form and related letter of transmittal, together with their El Paso stock certificates or confirmation of book-entry transfer, or a properly completed notice of guaranteed delivery.
Shareholders with questions about the election procedures, who want up-to-date information on the election deadline or who wish to obtain copies of the election materials may contact MacKenzie Partners Inc., the information agent for the transaction, at 800-322-2885 or 212-929-5500.
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