An investigation for investors in NYSE:OKS units was announced concerning whether the takeover of Oneok Partners LP by ONEOK, Inc. for a value of approximately $54.28 per unit is unfair to NYSE:OKS unitholders.
Investors who purchased units of Oneok Partners LP (NYSE:OKS) and currently hold any of those NYSE:OKS shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain directors of Oneok Partners LP breached their fiduciary duties owed to NYSE:OKS investors in connection with the proposed acquisition.
On February 1, 2017, ONEOK, Inc. (NYSE: OKE) and ONEOK Partners, L.P. (NYSE: OKS) announced an agreement under which ONEOK, Inc will acquire all of the outstanding common units Oneok Partners LP (NYSE:OKS) it does not already own for $9.3 billion in ONEOK, Inc. (NYSE: OKE) common stock.
Under the agreement, each outstanding common unit of Oneok Partners LP (NYSE:OKS) that ONEOK, Inc. does not already own will be converted into 0.985 shares of ONEOK, Inc. (NYSE: OK) common stock. Based on a closing price of $55.11 per NYSE:OKS shares on Jan. 31, 2017, NYSE:OKS unitholder will receive a value of approximately $54.28 per NYSE:OKS unit they own.
However, given that at least one analyst has set the high target price for NYSE:OKS units at $60.09 per unit, the investigation concerns whether the offer is unfair to NYSE:OKS unitholders. In addition, given that ONEOK, Inc. (NYSE: OKE) owns already more than 113 million units of Oneok Partners LP (NYSE:OKS), the investigation concerns whether the Oneok Partners Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
Those who are current investors in NYSE:OKS units have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
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