Hiland unitholders now set to decide going-private deal on Oct. 27

By Lisa Kerner

Charlotte, N.C., Oct. 20 - Hiland Partners, LP and Hiland Holdings GP, LP adjourned their special meetings of unitholders on Tuesday.

The meetings were postponed until Oct. 27. The record date for the meetings remains Sept. 9, a Hiland news release said.

Unitholders will vote on separate going-private transactions with affiliates of Harold Hamm at the meetings.

As of the start of the special meetings, approximately 59% of the common units of Hiland Partners represented by proxies and approximately 58% of the common units of Hiland Holdings represented by proxies had been voted in favor of the mergers.

For each company, these proxies amounted to approximately 43% of the outstanding common units held by the public.

The meetings were adjourned to allow for additional time to solicit proxies from public unitholders, since the transactions require approval by a majority of unitholders of both Hiland Partners and Hiland Holdings, the release said.

As previously reported, each merger is conditioned upon completion of the other Hiland company merger.

Both the Hiland Partners merger agreement and the Hiland Holdings merger agreement may be terminated if the mergers do not occur on or before Nov. 1, according to Hiland.

On June 1, the Hiland companies signed separate agreements to be acquired and taken private for $7.75 in cash per Hiland Partners common unit and $2.40 in cash per Hiland Holdings common unit.

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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