The board of directors of ONEOK Inc. unanimously authorized management to pursue a plan to separate the company's natural gas distribution business into a standalone publicly traded company, resulting in two independent, highly focused energy companies.
Under the plan, ONEOK shareholders would retain their current shares of ONEOK stock and receive a pro-rata dividend of shares of stock in the new company in a transaction that is expected to be tax-free to ONEOK and its shareholders. The actual number of ONE Gas shares that will be distributed to ONEOK shareholders will be determined prior to closing, which is expected during the first quarter 2014.
Upon completion of the transaction, ONEOK will continue to hold its interests in ONEOK Partners L.P…