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MarkWest Energy, MarkWest Hydrocarbon shareholders to vote on merger agreement
By Lisa Kerner
Charlotte, N.C., Jan. 8 - MarkWest Energy Partners, LP shareholders and MarkWest Hydrocarbon, Inc. shareholders will vote on the company's merger agreement at separate special meetings on Feb. 21 in Denver.
MarkWest Energy shareholders will vote at 11 a.m. ET, while MarkWest Hydrocarbon shareholders will vote at noon ET.
The merger is expected to close in early 2008.
MarkWest Energy and MarkWest Hydrocarbon agreed to the a $734 million merger transaction on Sept. 5.
As previously reported, MarkWest Hydrocarbon shareholders will receive about 15.4 million common units of MarkWest Energy plus $240 million cash, or $61.12 per share.
MarkWest Hydrocarbon shareholders may elect to receive 1.285 common units of MarkWest Energy and $20.00 cash, all cash, or all common units, subject to proration.
Following the merger's close, MarkWest Hydrocarbon will become a direct, wholly owned subsidiary of MarkWest Energy and managed by the current MarkWest Energy management team. Three members of MarkWest Hydrocarbon's board of directors will join the board of MarkWest Energy's general partner.
MarkWest Energy is a Denver-based publicly traded limited partnership and processor of natural gas in the Northeast. MarkWest Hydrocarbon, a natural gas marketer, controls and operates MarkWest Energy.
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