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 Morgan deal.
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.