ONEOK Board approves separation of company's natural gas distribution business (OKE) 63.06 +0.58 : OKE unanimously approved the separation of co's natural gas distribution business into a stand-alone, publicly traded company that will be called ONE Gas, Inc.
- ONEOK shareholders of record at the close of business on Jan. 21, 2014, will retain their current shares of ONEOK stock and receive one share of ONE Gas stock for every four shares of ONEOK stock owned. No fractional shares of ONE Gas stock will be issued; however, shareholders entitled to receive a fractional share of ONE Gas stock in the distribution will receive the cash value of that fractional share instead.
- Subject to the satisfaction of the conditions to closing, these ONE Gas shares will be distributed following the close of business on Jan. 31, 2014, and the transaction will close.
- ONE Gas common stock is expected to trade on a "when-issued" basis, and ONEOK common stock is expected to trade on an "ex-distribution" basis, both on the NYSE on Jan. 16, 2014.