Key Developments: Kinder Morgan Management LLC (KMR)
21 Nov 2014
Latest Key Developments (Source: Significant Developments)
Kinder Morgan, Inc:Says that it will acquire all of the outstanding equity securities of Kinder Morgan Energy Partners, L.P.(KMP), Kinder Morgan Management, LLC (KMR) and El Paso Pipeline Partners, L.P. (EPB).The company unitholders will receive 2.1931 KMI shares and $10.77 in cash for each KMP unit.Says this results in a price of $89.98 per unit, a 12 percent premium based on the Aug. 8, 2014, closing prices.Says this is a premium of 11.4 percent based on the July 16 closing price reference date used by the parties during the negotiation of the transaction.KMR shareholders will receive 2.4849 KMI shares for each share of KMR.Says this results in a price of $89.75 per share, a 16.5 percent premium based on the Aug. 8, 2014, closing prices.Says this is a premium of 16 percent based on the July 16 reference date used by the parties in the negotiation.Says the parties negotiated consideration for KMR shares equal to the consideration for KMP units, using the July 16 reference date.EPB unitholders will receive .9451 KMI shares and $4.65 in cash for each EPB unit.Says this results in a price of $38.79 per unit, a 15.4 percent premium based on the Aug. 8, 2014, closing prices. Full Article
Kinder Morgan Management LLC reported in its Form 8-K that effective March 31, 2013, C. Park Shaper will resign from his positions as President and Director of Kinder Morgan Management, LLC (KMR). Steven J. Kean, currently Executive Vice President and Chief Operating Officer of KMR, will become President and Chief Operating Officer and a Director of KMR, effective March 31, 2013. Full Article
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