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PVR Shareholders Give Green Light to Pending Merger with Regency
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PVR Partners, L.P. reported that at a special meeting of unitholders held earlier today, its unitholders voted to adopt the Agreement and Plan of Merger dated as of October 9, 2013, as amended, by and among PVR, Regency Energy Partners LP and their respective general partners, pursuant to which PVR will merge with and into Regency.
The multi-billion dollar midstream merger deal was initially announced on October 10, 2013.
Based on the results, 99.3 percent of the units voted at the special meeting voted in favor of adoption of the Merger Agreement. The votes in favor of the Merger Agreement constituted more than a majority of PVR's units outstanding as of the record date, as required for adoption of the Merger Agreement.
As previously announced on October 10, 2013, in accordance with the Merger Agreement, Regency agreed to acquire PVR in a unit-for-unit transaction. Holders of PVR common units will receive 1.020 common units of Regency per PVR common unit, plus a one-time cash payment of $0.262 per PVR common unit. Subject to the satisfaction of previously disclosed closing conditions, the companies expect to close the merger on March 21, 2014.