Deal Team

Executive Compensation and Benefits

MDU Resources Group and Knife River Corporation in a debt-for-equity exchange in connection with MDU’s spin-off of Knife River and the related secondary offering of MDU’s retained stake in Knife River

Knife River Corporation (NYSE: KNF) announced today the pricing of a secondary public offering of 5,142,383 shares of its common stock currently owned by MDU Resources Group, Inc. (NYSE: MDU).  The shares will be offered at a public offering price of $54.00 per share.  MDU Resources expects to exchange the shares for indebtedness of MDU Resources held by an affiliate of J.P. Morgan Securities LLC. J.P. Morgan Securities LLC intends to sell the shares to underwriters, who in turn will offer such shares to the public.  Additionally, J.P. Morgan Securities LLC has granted the underwriters an option to purchase up to 514,238 additional shares at the public offering price.  Following the completion of the offering and exchange, and assuming the underwriter option is exercised, MDU Resources would no longer own any shares of common stock of Knife River.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to MDU Resources and Knife River.