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David Stanley Ford

Hiland postpones decision on merger

BY JAY F. MARKS    Comments Comment on this article0
Published: November 4, 2009

ENID — Shareholders of the Hiland companies will have another month to mull the latest buyout offer from Enid oilman Harold Hamm.

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Hiland Partners LP and Hiland Holdings GP LP announced Tuesday that they had amended their merger agreements with Hamm’s affiliates to reflect the new offer.

The amendments also pushed the end date for the merger proposal to Dec. 11, allowing officials to adjourn shareholders meetings that had been scheduled for Tuesday.

The meetings, which have been delayed several times in recent weeks, were moved to Dec. 4 to allow shareholders more time to consider Hamm’s offer.

Buying up shares
Hamm, who is chairman of both Hiland companies, is trying to buy all shares he doesn’t own so he can turn the companies into private entities.

His latest offer is $10 for each Hiland Partners share and $3.20 for each Hiland Holdings share.

A majority of shareholders must approve the merger deal.

Hamm’s latest buyout offer also includes an agreement for a $1.5 million unsecured loan to Hiland Holdings to help fund the company’s working capital requirements for the remainder of 2009.

The loan must be repaid by Dec. 31.

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David Stanley Ford


Related Topics: Mergers and Acquisitions, Company Activities and Information, Buyouts


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