Magellan Midstream urges shareholders to vote “for” Oneok merger

Magellan Midstream Partners (MMP) mailed materials to unitholders in connection with our pending merger with ONEOK (OKE) under which ONEOK will acquire all outstanding units of Magellan in a cash-and-stock transaction consisting of $25.00 in cash and 0.667 shares of ONEOK common stock for each outstanding Magellan common unit. The materials outline the tax implications Magellan considered before determining to approve the transaction. The board and leadership team are confident the transaction delivers greater value to Magellan unitholders than could be achieved by continuing to execute the partnership’s standalone plan, including after considering taxes. The special meeting of Magellan unitholders to vote to approve the transaction will be held virtually on September 21. Magellan unitholders of record at the close of business on July 24 are entitled to vote their units at or in advance of the special meeting.