Copano Energy LLC is a wholly owned subsidiary of Kinder Morgan Energy Partners. Today, the company announced that Copano, KMP and KMP's general partner have reached an agreement to settle all claims asserted against all defendants. The claims aroused from the acquisition of Copano by KMP that closed May 1.
Copano shareholders approved the merger with 99% of them voting in favor of the said transaction. The claims were filed in lawsuits in Delaware and Texas. As disclosed earlier, the terms of the settlement included making certain supplemental disclosures. This was to avoid delay in the transaction and decrease expenses and uncertainty of continued trial. The settlement did not require the defendants to pay any monetary consideration. The Delaware Chancery Court subjected the settlement for approvals. The hearing for said settlement was scheduled September 9. The merger consideration received by shareholders at Copano's was valued at US$40.91 per share piece based on KMP's closing price.
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