Kinder Morgan, El Paso Reports Results Of Merger Consideration Elections

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5/24/2012 1:11 PM ET

Kinder Morgan Inc. (KMI: Quote) and El Paso Corp. (EP: Quote) announced the preliminary results of the elections made by El Paso stockholders regarding their preference as to the form of merger consideration they will receive in connection with El Paso's pending merger with Kinder Morgan, which is currently expected to be effective on May 25, 2012.

As previously announced, As per the terms of the Agreement and Plan of Merger, dated as of October 16, 2011, Kinder Morgan and El Paso, El Paso stockholders could elect to receive, for each share of El Paso common stock: 0.9635 of a share of Kinder Morgan Class P common stock and 0.640 of a warrant to purchase one share of Kinder Morgan Class P common stock; $25.91 in cash without interest and the Per Share Warrant Consideration; or 0.4187 of a share of Kinder Morgan Class P common stock, $14.65 in cash without interest and the Per Share Warrant Consideration.

Holders of El Paso equity awards could elect to exchange such equity awards for either a Cash Election or a Mixed Election.

Based on available information as of on May 23, 2012, the preliminary merger consideration election results were as follows: Holders of about 78% of the outstanding shares of El Paso common stock, or 602.18 million shares of common stock, elected a Stock Election.

Holders of approximately 1% of the outstanding shares of El Paso common stock, or 6.91 million shares of common stock, elected a Cash Election.

Holders of approximately 6% of the outstanding shares of El Paso common stock, or 47.78 million shares of common stock, elected a Mixed Election.

Holders of approximately 15% of the outstanding shares of El Paso common stock, or 118.89 million shares of common stock, did not make a valid election or did not deliver a valid election form prior to the election deadline and, therefore, are deemed to have made a Mixed Election.

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by RTT Staff Writer

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