Atlas Energy, Inc. (NASDAQ: ATLS) (“Atlas Energy”) announced today that its shareholders have approved the pending merger between Atlas Energy and Chevron Corporation (NYSE: CVX) (“Chevron”). The proposal to approve the merger was supported at a special meeting of shareholders by approximately 99.7% percent of the votes cast by Atlas Energy shareholders. The merger is expected to close promptly.
On November 8, 2010, Atlas Energy entered into a definitive agreement to be acquired by Chevron in a transaction valuing Atlas Energy at $4.3 billion. Upon closing, Atlas Energy shareholders will receive $38.25 in cash for each outstanding share owned upon the effective time of closing, and will also receive a pro-rata share of a distribution of over 41 million common limited partnership units of Atlas Pipeline Holdings, L.P. (NYSE: AHD).
Atlas Pipeline Holdings, L.P., is a limited partnership which owns and operates the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.75 million common limited partner units of APL.
Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. Chevron is based in San Ramon, Calif. More information about Chevron is available at http://www.chevron.com.
Safe Harbor for Forward-Looking Statements
This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Atlas Energy, Inc. (“Atlas Energy”) cautions readers that any forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about the proposed acquisition of Atlas Energy by Chevron Corporation or any related transactions, Atlas Energy’s potential acquisition of an ownership interest in Laurel Mountain Midstream, LLC from Atlas Pipeline Partners, L.P. (“APL”), the potential separation of Atlas Pipeline Holdings, L.P. (“AHD”) from Atlas Energy, the potential sale of Atlas Energy’s drilling partnership business and other assets to AHD, future financial and operating results, resource potential, and Atlas Energy’s plans, objectives, expectations and intentions and other statements that are not historical facts. Although Atlas Energy believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be attained or that the transactions will be completed and it is possible that our actual circumstances and results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. The completion of and benefits from the transactions are subject to certain risks and uncertainties, including the other conditions to the completion of the merger and the other transactions, and other risk factors relating to Atlas Energy’s business and its industry as detailed from time to time in Atlas Energy’s reports filed with the U.S. Securities and Exchange Commission. Atlas Energy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is directed to Atlas Energy’s filings with the U.S. Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and its annual reports on Form 10-K, for a discussion of such risks and uncertainties.
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