Inergy Holdings, L.P. (“Holdings”) (NYSE:NRGP) today announced that a special meeting of its unitholders will be held on November 2, 2010, for common unitholders of record as of the close of business on October 1, 2010, to vote on the previously announced proposed merger and related transactions.
The special meeting will be held at 10:00 a.m. CT and will take place at Holdings’ principal executive offices located at Two Brush Creek Boulevard, Suite 200, Kansas City, Missouri 64112.
“We are pleased to be moving forward on this strategic transaction,” said John Sherman, President and CEO of Inergy. “We expect that when completed the merger and resulting simplified structure will increase Inergy’s competitiveness, lower its cost of capital, improve the long-term growth profile of the combined company, and make available new value creation opportunities. We look forward to executing on our strategy and delivering these benefits to all of our investors.”
Approval of the proposed merger and related transactions requires the affirmative vote of a majority of the outstanding common units held by Holdings’ common unitholders on October 1, 2010. Certain directors and members of senior management who beneficially own approximately 57.9% of the Holdings common units have conditionally agreed to vote their Holdings common units in favor of the merger, merger agreement, and the transactions contemplated thereby.
In addition, the management of Inergy, L.P. (“Inergy”) (NYSE:NRGY) and Holdings intends to make the following recommendations to the Board of Directors of Inergy GP, LLC (managing general partner of Inergy) and Inergy Holdings GP, LLC (general partner of Holdings): i) the regular quarterly cash distribution with respect to the fourth quarter ended September 30, 2010, for Inergy be declared in the amount of $0.705 per common unit ($2.82 annualized); ii) the regular quarterly cash distribution with respect to the fourth quarter ended September 30, 2010, for Holdings be declared in the amount of $0.34 per common unit ($1.36 annualized); and iii) both distributions be paid on October 29, 2010, to unitholders of record on October 22, 2010.