Columbia Pipeline Partners LP (CPPL or the ‘partnership’) has announced that it has established a record date of 4 January 2017 and a meeting date of 7 February 2017, for a special meeting of its common unitholders to be held at 9 a.m., local time, at 1001 Fannin St, Suite 2500, Houston, Texas 77002.
At the special meeting, CPPL common unitholders will vote on a proposal to approve the Agreement and Plan of Merger dated as of 1 November 12016 (the Merger Agreement), by and among CPPL, Columbia Pipeline Group, Inc. (CPG) and their respective affiliates, pursuant to which a wholly owned subsidiary of CPG will merge with and into CPPL such that CPPL will become a wholly owned subsidiary of CPG.
Pursuant to the terms of the Merger Agreement, approval of the Merger Agreement requires the affirmative vote of (i) a majority of the outstanding CPPL common units voting as a class, (ii) a majority of the outstanding CPPL common units not held by CPP GP LLC, the general partner of CPPL, its controlling affiliates and their respective affiliates, and (iii) a majority of the CPPL subordinated units voting as a class.
Columbia Energy Group, a wholly owned subsidiary of CPG and holder of all of the outstanding CPPL subordinated units, has executed and delivered to CPPL a written consent approving the Merger Agreement, which consent satisfies the voting requirement with respect to the holders of CPPL subordinated units.
CPPL also announced that it has filed a definitive proxy statement with the Securities and Exchange Commission (SEC) for the special meeting. CPPL common unitholders of record as of the close of business on 4 January 2017 will be entitled to receive notice of the special meeting and to vote at the special meeting. CPPL expects to commence mailing the definitive proxy statement and other related proxy materials on or about 5 January 2017 to CPPL common unitholders.
Subject to satisfaction of the remaining closing conditions, including receipt of the requisite unitholder approval, the parties currently expect to close the transaction during the first quarter of 2017.
Upon closing of the transaction, CPPL will be an indirect wholly owned subsidiary of TransCanada and will cease to be a publicly held partnership.
Read the article online at: https://www.worldpipelines.com/business-news/04012017/columbia-pipeline-announces-dates-for-special-unitholder-meeting/