MarkWest Hydrocarbon shareholders complete election of merger consideration in MarkWest Energy deal

By Lisa Kerner

Charlotte, N.C., Feb. 21 - MarkWest Hydrocarbon, Inc. announced preliminary results of its shareholders' merger consideration elections in the company's pending merger with MarkWest Energy Partners, LP.

Based on a preliminary tabulation, the cash election is oversubscribed by less than 1% and subject to proration.

Of the 12,025,399 shares of MarkWest Hydrocarbon common stock entitled to participate in the election of merger consideration:

• Holders of 1,767,805 shares elected to receive cash;

• Holders of 2,814,320 shares elected to receive common units of MarkWest Energy Partners;

• Holders of 6,285,940 shares elected to receive 1.285 common units of MarkWest Energy shares plus $20 cash per share; and

• Holders of 622,271 made no election.

Of the holders of 535,063 shares making elections pursuant to the notice of guaranteed delivery:

• Holders of 25,516 shares elected to receive cash;

• Holders of 267,764 shares elected to receive common units of MarkWest Energy Partners; and

• Holders of 241,783 shares elected to receive 1.285 common units of MarkWest Energy Partners plus $20 cash per share.

Actual merger consideration and the cash and common unit allocation will be computed once the election results are finalized, according to a company news release.

Shareholders of both MarkWest Energy Partners and MarkWest Hydrocarbon approved the merger at separate special meetings on Feb. 21.

As previously reported in September 2007, MarkWest Energy and MarkWest Hydrocarbon agreed to a merger valued at $734 million.

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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