EIP says Magellan Midstream ‘better off as a stand-alone company’

Energy Income Partners, or EIP, which identifies itself as “the fourth largest and long-time shareholder in Magellan Midstream Partners,” said it believes that Magellan’s August 29 presentation “amounts to a series of scare tactics that present Magellan unitholders with a false choice: merge with ONEOK or else.” The firm said: “EIP’s decision to vote against the merger is based on the financials presented by management that show definitively that Magellan is better off as a stand-alone company, and we urge our fellow unitholders to vote ‘no’.”