Hiland unitholders now set to vote on going-private deals on Nov. 3

By Lisa Kerner

Charlotte, N.C., Oct. 27 - Hiland Partners, LP and Hiland Holdings GP, LP adjourned their separate special meetings of unitholders on Tuesday.

The meetings are being adjourned to allow the boards of directors and conflicts committees additional time to consider the previously announced proposals made by Harold Hamm to increase the merger consideration payable to each company's common unitholders, a Hiland news release said.

Both meetings will now be held on Nov. 3. The record date for the meetings remains Sept. 9, said Hiland.

On Monday, Hamm proposed increasing the merger consideration payable to Hiland Partners common unitholders to $10.00 per unit from $7.75.

Hamm proposed increasing the merger consideration payable to Hiland Holdings common unitholders to $3.20 per unit from $2.40.

Hiland Partners, Hiland Holdings and Hamm agreed to extend the merger agreements to Nov. 6.

The Hiland companies signed separate agreements on June 1 to be acquired and taken private.

The Hart-Scott-Rodino waiting period for both transactions expired in July.

Hamm will finance the transactions, a prior news release said. He is the chairman of the general partners of Hiland Partners and Hiland Holdings, which are Hiland Partners GP, LLC and Hiland Partners GP Holdings, LLC, respectively.

Based in Enid, Okla., the Hiland companies provide natural gas gathering and processing services as well as air compression and water injection services for oil and gas secondary recovery operations.

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