March 5 El Paso Corp delayed the
meeting where shareholders will vote on the pipeline company's
acquisition by rival Kinder Morgan Inc to give investors
more time to consider a recent court ruling in which a Delaware
judge criticised some of the particpants of the deal.
El Paso said on Monday it would move the meeting back until
Friday, March 9, from Tuesday, March 6. It said 70 percent of
its outstanding shares had been voted as of March 2, with more
than 98.5 percent of those shares voted in favor of the Kinder
Delaware chancery court Judge Leo Strine refused to block
the sale last week, but said that some of the behavior that led
to the deal was disturbing.
A group of shareholders had sued to stop the Kinder-El Paso
deal, arguing that El Paso's adviser Goldman Sachs Group Inc
and El Paso Chief Executive Douglas Foshee both had
interests in holding down the price for the company.