Columbia Pipeline Partners LP (CPPL) has reminded its unitholders that the reconvened special meeting of unitholders will be held at 9 am (Central Time) on 16 February in Texas.
The purpose of the meeting is to vote on a proposal to approve the agreement and plan of merger dated 1 November 2016 by and among CPPL, Columbia Pipeline Group, Inc. (CPG) and their respective affiliates.
As a result, a wholly owned subsidiary of CPG will merge with and into CPPL such that CPPL will become a wholly owned subsidiary of CPG. Approval of the merger requires both the affirmative vote of (i) a majority of the outstanding common units excluding units held by affiliated unitholders and (ii) a majority of the outstanding common units.
The special meeting was originally scheduled for 7 February but was reconvened to 16 February because a quorum was not obtained. Quorum requires the presence – in person or by proxy – at the special meeting of holders of a majority of the outstanding CPPL common units as of 4 January, the record date of the special meeting. CPPL adjourned the special meeting to 16 February to allow for additional time to solicit proxies from unitholders.
As the reconvened special meeting approaches, approximately 98% of the votes cast to date support the merger. Institutional Shareholder Services (ISS), Glass, Lewis & Co. and Egan-Jones Proxy Services has recommended that CPPL unitholders vote ‘FOR’ the proposal to approve the merger agreement.
Read the article online at: https://www.worldpipelines.com/business-news/14022017/columbia-pipeline-partners-encourages-unitholders-to-vote-on-a-merger/