ONEOK, Inc. (OKE) shares are declining more than 6 percent on Monday morning trade after the company agreed to acquire Magellan Midstream Partners L.P. (MMP) in $18.8 billion cash-and-stock deal. As per the definitive agreement, Magellan will be merged into a newly created 100 percent wholly-owned subsidiary of ONEOK.
The deal represents a 22 percent premium to the Magellan closing price on May 12, 2023. The transaction is expected to close in the third quarter of 2023.
Currently, shares are at $59.72, down 6.29 percent from the previous close of $63.72 on a volume of 6,659,397.
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