BRIEF: Hiland shareholders get more time to consider merger offer

Wed. October 28, 2009; Posted: 03:50 AM

Look up the PowerRating of HLND and see how it has performed over the past week as well as the current proprietary PowerRating.

ENID, Oct 28, 2009 (The Oklahoman - McClatchy-Tribune Information Services via COMTEX) -- HLND | Quote | Chart | News | PowerRating -- Shareholders in the Hiland companies are getting another week to consider a buyout offer from oilman Harold Hamm.

Hamm, who is chairman of both companies, upped his offer Monday for shares of Hiland Partners LP and Hiland Holdings GP LP.

Hamm is trying to buy all of the shares he does not own so he can take the companies private.

Shareholders were scheduled to vote on the proposal Tuesday, but meetings for both companies were adjourned until next week to allow the companies' boards of directors and conflict committees to consider Hamm's new offer.

Hamm is offering $10 per Hiland Partners share and $3.20 per Hiland Holdings share. His original offer was $7.50 for Hiland Partners shares and $2.40 for Hiland Holdings shares.

Hiland Partners shares closed Tuesday at $9.81, up $2.10. Hiland Holdings closed at $3.15, up 75 cents.

The meetings were reset for next Tuesday.

The merger proposal must be approved by a majority of shareholders by next Friday.

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