MDU Resources Group, Inc. Board of Directors has directed senior management to explore reorganization to a holding company structure. The purpose of a potential reorganization would be to make Montana-Dakota Utilities Co. and Great Plains Natural Gas Co., which today are divisions of MDU Resources, into subsidiaries of the holding company, just as MDU Resources’ other operating companies are wholly owned subsidiaries.
“We will explore reorganizing the structure of our company for the purpose of simplifying it. If we proceed, all our operating companies would be subsidiaries of the MDU Resources Group holding company,” said David L. Goodin, president and CEO of MDU Resources.
MDU Resources will submit regulatory filings in 2018 in required jurisdictions. If MDU Resources proceeds with the reorganization, and subject to regulatory and other approvals, the company expects the transition to be effective Jan. 1, 2019.
As part of the reorganization, and as required by law, each outstanding share of company common stock would be converted automatically on a one-for-one basis into a share of common stock of the new holding company. The stock would continue to trade on the New York Stock Exchange under the symbol MDU, as it has since 1948.