NEW YORK, June 24, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by ONEOK, Inc. (NYSE: OKE) (“ONEOK”).
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On May 14, 2023, Magellan announced that it had entered into an agreement to be acquired by ONEOK in a $18.8 billion cash and stock deal. Pursuant to the merger agreement, each Magellan unitholder will receive $25.00 in cash and 0.6670 shares of ONEOK stock per unit. The deal is expected to close in the third quarter of 2023.
Bragar Eagel & Squire is concerned that Magellan's board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Magellan's stockholders.
If you own shares of Magellan and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato by email at email@example.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.