DENVER, Nov. 12, 2015 /PRNewswire/ -- John M. Fox, the co-founder of MarkWest Hydrocarbon, former CEO, Chairman and Director of MarkWest Energy GP, L.L.C., the general partner of MarkWest Energy Partners, L.P. ("MarkWest"), and beneficial owner of 1,361,774 MarkWest common units, today reaffirmed that he intends to vote the common units beneficially owned by him against the proposed merger with MPLX LP (MPLX). He urges fellow unitholders to withhold their proxies or vote no.
On November 4, 2015, Mr. Fox released an open letter to the board of directors of MarkWest Energy GP, L.L.C. regarding the proposed merger with MPLX. In the letter, Mr. Fox outlines his belief that the proposed merger is fundamentally a bad deal for MarkWest unitholders:
"In my view, the $1.84 per unit cash increase announced from Marathon Petroleum does not materially change the fundamentals of the deal," Fox said. "The revised $52.93 per unit implied deal terms based on MPLX's closing price on November 10 is still 33% below the initial implied deal terms outlined in July."
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Mr. Fox said: "For the same reasons I outlined in my initial letter to the MarkWest Board, this is still a bad deal for all MarkWest unitholders. I have spoken with many investors of MarkWest and I believe others are not happy with the terms of the deal, and see no compelling reason for the MarkWest Board of Directors to have accepted such a low-ball offer from Marathon. If MarkWest unitholders approve this deal, they will own the units of MPLX, a company that will distribute an estimated $10.2 billion of future cash flow over the next eleven years to Marathon Petroleum in the form of IDRs. Those dollars should be distributed to the MarkWest unitholders...the very unitholders that provided the capital base so that MarkWest could become the company that it is today -- the best midstream company with a tremendous growth platform operating in the highest return basins in North America.
"The supportive feedback I've received from research analysts and institutional investors, including top ten MarkWest unitholders, since submitting the open letter to the MarkWest Board of Directors, and since MPC's announcement of revised terms on November 10, is tremendous. I still believe this is a bad deal and that Marathon Petroleum needs MarkWest more than we need them."
Conference Call Details
John Fox will host a conference call for analysts and investors to discuss his view on the proposed merger between MarkWest and MPLX.
When: |
Tuesday, November 17, 2015, 2:00 p.m. Eastern Time. |
Dial In: |
(877) 300-8521 (U.S.) |
(855) 669-9657 (Canada) |
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(412) 317-6026 (International) |
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Request John Fox Conference Call |
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Webcast: |
Live and rebroadcast over the Internet at www.iamvotingno.com |
Replay: |
A replay will be available one hour after the call through December 1, 2015, at 11:59 p.m. Eastern Time. You may access this replay by dialing (877) 870-5176 (U.S.) or (858) 384-5517 (International), and referencing the replay passcode: 10076358. |
Contact:
John M. Fox
E: [email protected]
P: 303-926-4354
Website: www.iamvotingno.com
SOURCE John M. Fox
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