Letter: Let shareholders vote on buyout

Before saying anything about the Southwest Gas buyout, I should disclose that I am a shareholder of both ONEOK and Southwest Gas.

One of the comments of Southwest Gas CEO Michael Maffie was that the choice of a merger partner was a "boardroom decision" and should not be that of a utility regulation commission.

It seems to me that it should instead have been a shareholder decision! If the shareholders were deemed wise enough to elect the board, who is to say that they couldn't choose the offer that they like better?

I think that one of the newspaper stories said that ONEOK is going to pay the taxes that Mr. Maffie will owe on the $15 million he stands to get over the next few years due to this transaction. Did Southern Union match this part of the offer too?

If not, that could be the real reason why ONEOK's lesser offer was better.

If the proposals had been for a stock swap, I'd choose ONEOK anytime, but both offers were for cash, and unless the rules have changed, a big pile of cash beats a small pile of cash, even after adjusting the offers for the expected time delay.

I think it's time for the board of Southwest Gas to check into the definition of fiduciary and let the shareholders vote as to their choice between the two buyout offers.

DONALD R. LAMBERT

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