Equitrans Midstream Corporation (NYSE:ETRN), a Pennsylvania-based natural gas transmission company, announced today that its shareholders have approved all proposals related to its planned merger with EQT Corporation (NYSE:EQT). The approval came during a special meeting held on Thursday, where shareholders voted on the agreement and plan of merger initially dated March 10, 2024.
The merger proposal received a majority affirmative vote from both common and preferred stockholders, voting as a single class. Moreover, an advisory proposal regarding executive compensation in connection with the merger was also approved. Although the adjournment proposal was passed, it was unnecessary due to the approval of the merger agreement.
The special meeting, which took place virtually, had a quorum with holders representing 397,040,176 shares of common and preferred stock present or represented by proxy. The final vote for the merger agreement proposal was 392,443,848 in favor, 3,429,911 against, and 1,166,417 abstentions.
The advisory compensation proposal saw 374,556,248 in favor, 17,720,338 against, and 4,763,590 abstentions. The adjournment proposal, which was rendered moot, had 376,399,476 in favor, 18,748,522 against, and 1,892,178 abstentions.
The transaction is expected to be finalized on July 22, 2024, pending the satisfaction or waiver of the remaining closing conditions outlined in the merger agreement.
This report contains forward-looking statements, including expectations about the completion and timing of the merger. Equitrans has cautioned that these statements are subject to risks and uncertainties, and actual results may differ materially. The company has stated that it does not intend to update any forward-looking statements unless required by law.
The information in this article is based on the latest 8-K filing by Equitrans Midstream Corporation with the U.S. Securities and Exchange Commission.
In other recent news, Equitrans Midstream Corporation has announced supplemental disclosures amid ongoing merger proceedings with EQT (ST:EQTAB) Corporation. This development comes as a response to shareholder lawsuits alleging that the merger omits or misrepresents crucial information.
Equitrans, however, maintains that these allegations are baseless but has still provided the additional disclosures to avoid any potential delays in the merger process. The supplemental disclosures detail financial multiples and analyses used by Barclays (LON:BARC) Capital Inc. and Citigroup Global Markets Inc. during the merger evaluation process.
The documents also clarify the terms of nondisclosure agreements with various parties and the board's unanimous recommendation for shareholders to vote in favor of the merger. If approved, Equitrans will become an indirect wholly owned subsidiary of EQT. These are recent developments in the Equitrans-EQT merger process.
InvestingPro Insights
In light of Equitrans Midstream Corporation's (NYSE:ETRN) recent shareholder approval for its merger with EQT Corporation, investors may find the latest data from InvestingPro particularly insightful. With a market capitalization of $5.35 billion and a price-to-earnings ratio of 13.45, based on last twelve months as of Q1 2024, Equitrans appears to be trading at a valuation that reflects its earnings potential. The gross profit margin stands at an impressive 86.95%, underscoring the company's ability to maintain profitability.
InvestingPro Tips suggest that Equitrans's stock might be in oversold territory, with a Relative Strength Index (RSI) indicating such a trend. While the stock has shown low price volatility historically, recent price movements suggest increased volatility. Investors should note that Equitrans is predicted to be profitable this year, a point that aligns with the company's positive performance over the last twelve months.
For those looking to delve deeper into Equitrans's financials, InvestingPro offers additional tips and metrics that can be accessed at: https://www.investing.com/pro/ETRN. With the promo code PRONEWS24, users can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
As the merger progresses, keeping an eye on these financial metrics and InvestingPro Tips could provide shareholders and potential investors with valuable context for their investment decisions. There are 9 additional InvestingPro Tips available for Equitrans, offering further insights into the company's financial health and stock performance.
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