MDU Resources announces cooperation agreement with Corvex Management

MDU Resources Group announced that it has entered into a cooperation agreement with Corvex Management under which Corvex Partner James H. Gemmel will be appointed to MDU Resources’ board of directors, subject to approval by the Federal Energy Regulatory Commission, or FERC, under the Federal Power Act. Initially, Gemmel will be appointed as a non-voting observer of MDU Resources’ board of directors. Following the required FERC approval, the size of MDU Resources’ board of directors will increase by one director and Gemmel will be appointed to fill the new director position. Under the cooperation agreement, if the FERC approval for Gemmel’s appointment as a director is received at least 15 business days prior to the date on which MDU Resources expects to mail its proxy statement relating to its upcoming 2023 Annual Meeting of Stockholders, then Gemmel will be appointed to the board for a term expiring at the 2023 Annual Meeting and MDU Resources will nominate him for re-election at the 2023 Annual Meeting. If the FERC approval is received less than 15 business days prior to the expected mailing date of the proxy statement, Gemmel will be appointed to the board immediately after receipt of the FERC approval or the conclusion of the 2023 Annual Meeting, whichever is later, with a term to expire at the 2024 Annual Meeting. MDU Resources’ 2023 Annual Meeting is scheduled for May 9. J.P. Morgan Securities and PJT Partners are serving as financial advisors to MDU Resources and Wachtell, Lipton, Rosen & Katz is serving as its legal advisor.