TULSA, Okla. (AP) — Magellan Midstream Holdings LP said Monday that it will discontinue trading under the 'MGG' ticker if unitholders approve a capital structure simplification on Friday.
Magellan Midstream Holdings owns the general partner interest and incentive distribution rights of Magellan Midstream Partners, which transports, stores and distributes refined petroleum products. Both are publicly traded.
If the move is approved, Magellan Midstream Holdings investors will receive 0.6325 units of Magellan Midstream Partners for each unit they own and the stock will stop trading on the New York stock Exchange after the market closes on Friday. Fractional units will be paid to unitholders in cash.
Magellan Midstream Partners will continue to trade under the ticker 'MMP.'
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Magellan Midstream Holdings shares gained 41 cents to $23.57 during afternoon trading. Magellan Midstream Partners shares rose 86 cents, or 2.3 percent, to $38.07.