Magellan Midstream Partners, L.P.

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Motion Deadline: 
May 14, 2023

Ademi LLP is investigating Magellan (NYSE: MMP) for possible breaches of fiduciary duty and other violations of law in its transaction with ONEOK.

Magellan public stockholders are expected to receive only $25.00 in cash and 0.6670 shares of ONEOK common stock for each outstanding Magellan common unit, representing a current implied value to each Magellan unitholder of $67.50 per unit, based on May 12, 2023 closing prices. The transaction agreement unreasonably limits competing bids for Magellan by imposing a significant penalty if Magellan accepts a superior bid. Magellan insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Magellan’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Magellan.