Energy giant Kinder Morgan Inc. can move forward with its proposed $44 billion plan to consolidate its oil pipeline businesses, the Delaware Court of Chancery has ruled. In the decision, the court ruled the proposal requires approval from a simple majority vote of shareholders, not a supermajority across multiple stock classes.
“Under the plain language of the partnership agreement, the merger only requires the affirmative vote of holders of a majority of the outstanding limited partner units, voting together as a single class,” said Vice Chancellor J. Travis Laster in In re Kinder Morgan Corporate Reorganization Litigation.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
