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    SEC Form SC 13D filed by MDU Resources Group Inc.

    8/8/22 4:15:34 PM ET
    $MDU
    Mining & Quarrying of Nonmetallic Minerals (No Fuels)
    Industrials
    Get the next $MDU alert in real time by email
    SC 13D 1 form_sc13d-mdu.htm


    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    SCHEDULE 13D
    Under the Securities Exchange Act of 1934
    (Amendment No. )*
    MDU RESOURCES GROUP INC.
    (Name of Issuer)
    Common Stock, par value $1.00 per share
    (Title of Class of Securities)
    552690109
    (CUSIP Number)
    Keith Meister
    Patrick J. Dooley, Esq.
    Corvex Management LP
    667 Madison Avenue
    New York, NY 10065
    (212) 474-6700
    COPIES TO:
    Jason Daniel
    Akin Gump Strauss Hauer & Feld LLP
    2300 N. Field Street
    Suite 1800
    Dallas, TX 75201
    (214) 969-4209
    (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
    N/A
    (Date of Event Which Requires Filing of this Statement)
    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
    Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

    *
    The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).



           
    CUSIP No. 552690109
         
                   
     
    1.
     
    Name of Reporting Person:
    CORVEX MANAGEMENT LP
     
    2.
     
    Check the Appropriate Box if a Member of a Group (See Instructions):
    (a) ☐ (b) ☒
     
    3.
     
    SEC Use Only:
     
    4.
     
    Source of Funds (See Instructions):
    AF
     
    5.
     
    Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):
    ☐
     
    6.
     
    Citizenship or Place of Organization:
    DELAWARE
     
    Number of
    Shares
    Beneficially
    Owned by
    Each
    Reporting
    Person
    With
     
    7.
     
    Sole Voting Power:
    10,147,041*
       
    8.
     
    Shared Voting Power:
    0
       
    9.
     
    Sole Dispositive Power:
    10,147,041*
       
    10.
     
    Shared Dispositive Power:
    0
     
    11.
     
    Aggregate Amount Beneficially Owned by Each Reporting Person:
    10,147,041*
     
    12.
     
    Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):
    ☐
     
    13.
     
    Percent of Class Represented by Amount in Row (11):
    4.99%*
     
    14.
     
    Type of Reporting Person (See Instructions):
    PN, IA
     
    *
    In addition, accounts of certain private investment funds for which Corvex Management LP (“Corvex”) acts as investment adviser have entered into cash-settled total return swaps, representing economic exposure to 1,194,435 shares, or 0.59% of the outstanding shares, as described in Item 6.
         


           
    CUSIP No. 552690109
         
                   
     
    1.
     
    Name of Reporting Person:
    KEITH MEISTER
     
    2.
     
    Check the Appropriate Box if a Member of a Group (See Instructions):
    (a) ☐ (b) ☒
     
    3.
     
    SEC Use Only:
     
    4.
     
    Source of Funds (See Instructions):
    AF
     
    5.
     
    Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):
    ☐
     
    6.
     
    Citizenship or Place of Organization:
    United States
     
    Number of
    Shares
    Beneficially
    Owned by
    Each
    Reporting
    Person
    With
     
    7.
     
    Sole Voting Power:
    10,147,041*
       
    8.
     
    Shared Voting Power:
    0
       
    9.
     
    Sole Dispositive Power:
    10,147,041*
       
    10.
     
    Shared Dispositive Power:
    0
     
    11.
     
    Aggregate Amount Beneficially Owned by Each Reporting Person:
    10,147,041*
     
    12.
     
    Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):
    ☐
     
    13.
     
    Percent of Class Represented by Amount in Row (11):
    4.99%*
     
    14.
     
    Type of Reporting Person (See Instructions):
    IN, HC
     
    *
    In addition, accounts of certain private investment funds for which Corvex acts as investment adviser have entered into cash-settled total return swaps representing economic exposure to 1,194,435 shares, or 0.59% of the outstanding shares, as described in Item 6.


    Item 1. Security and Issuer
    The title of the class of equity security to which this statement on Schedule 13D relates is the common stock, par value $1.00 per share (the “Shares”), of MDU Resources Group, Inc., a Delaware corporation (the “Issuer”). The address of the Issuer’s principal executive offices is 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650.
    The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant.
    Item 2. Identity and Background
    This statement on Schedule 13D is filed on behalf of Corvex Management LP, a Delaware limited partnership (“Corvex”), and Keith Meister, a U.S. citizen (collectively, the “Reporting Persons”). This statement relates to Shares held for the accounts of certain private investment funds for which Corvex acts as investment adviser, including Corvex Master Fund, LP and Corvex Select Equity Master Fund LP, each a Cayman Islands limited partnership, the general partner of each of which is controlled by Mr. Meister (collectively, the “Corvex Funds”). The general partner of Corvex is controlled by Mr. Meister. The principal business address of each of Corvex and Mr. Meister is 667 Madison Avenue, New York, NY 10065. The principal business of Corvex is serving as the investment adviser of private investment funds, whose principal business is investing in securities. Mr. Meister’s principal occupation is serving as the Managing Partner of Corvex. A joint filing agreement of Corvex and Mr. Meister is attached hereto as Exhibit 1.
    During the last five years, none of Corvex, Mr. Meister or any of the Corvex Funds has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
    Item 3. Source and Amount of Funds or Other Consideration
    The Reporting Persons used the working capital of the Corvex Funds to purchase the 10,147,041 Shares reported herein. The total purchase price for the Shares reported herein was approximately $269,568,910.05.
    Various of the Reporting Persons may effect purchases of securities through margin accounts maintained for the Corvex Funds with brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms’ credit policies. Positions in Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts.
    Item 4. Purpose of Transaction
    The Reporting Persons acquired the Shares over which they exercise beneficial ownership in the belief that the Shares are undervalued and are an attractive investment.
    The Reporting Persons commend the Issuer’s Board and management on their recently announced decision to separate Knife River through a tax-free spinoff to shareholders.  This transaction is a positive first step towards removing the significant discount embedded in MDU shares.  The Reporting Persons intend to enter into discussions with the Board and management of the Issuer to discuss: (1) additional strategic alternatives to further maximize shareholder value; and (2) plans to enhance the earnings potential of the Issuer’s assets to levels commensurate with industry peers.
    The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time and at any time in the future depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, actions taken by the Issuer’s Board of Directors, price levels of the Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with respect to their investments in the Issuer as they deem appropriate. These actions may include, without limitation: (i) acquiring additional Shares and/or other equity, debt, notes, other securities, or derivative or other instruments that are convertible into Shares, or are based upon or relate to the value of the Shares or the Issuer (collectively, “Securities”) in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions with respect to the Securities; or (iv) proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.


    Item 5. Interest in Securities of the Issuer
    (a)-(b) Corvex may be deemed to be the beneficial owner of 10,147,041 Shares, which represents approximately 4.99% of the Issuer’s outstanding Shares. By virtue of his position as control person of the general partner of Corvex, Mr. Meister may be considered to beneficially own such Shares. The Reporting Persons may be deemed to have sole power to vote and sole power to dispose of 10,147,041 Shares.
    The percentage calculated in the immediately foregoing paragraph is calculated based on a total of 203,350,740 Shares outstanding as of July 29, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 5, 2022.
    (c) Except as set forth in Exhibit 2 attached hereto, there have been no transactions in the Shares during the sixty days prior to the date hereof by any of the Reporting Persons.
    (d) The limited partners of (or investors in) each of the private investment funds for which Corvex or its affiliates acts as general partner and/or investment adviser have the right to participate in the receipt of dividends from, or proceeds from the sale of, the Shares held for the accounts of their respective funds in accordance with their respective limited partnership interests (or investment percentages) in their respective funds.
    (e) Not applicable.
    Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
    The Corvex Funds have entered into cash-settled swaps that represent economic long-side exposure comparable to a notional interest in 1,194,435 Shares (representing economic exposure comparable to approximately 0.59% of the outstanding Shares). Under the terms of the swaps, the value to be received or paid upon termination of a swap will be determined by the difference in the market price per notional Share on the date of termination as compared to the cost of such notional Share at the time of entry into the swap.  Each swap has a term of 3 years from issuance and a cost basis of between $27.65 and $29.72 per share, and the counterparties to the swaps are unaffiliated third party financial institutions.  All balances will be settled in cash. The swaps do not give the Reporting Persons or Corvex Funds direct or indirect voting, investment or dispositive control over any securities of the Issuer and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership of any Shares that may be referenced in the swap contracts or Shares or other securities or financial instruments that may be held from time to time by any counterparty to the contracts.
    Item 7. Material to be Filed as Exhibits
    Exhibit 1 – Joint Filing Agreement
    Exhibit 2 – Transactions in the Shares effected in the past 60 days


    SIGNATURE
    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
                 
    Date: August 8, 2022
         
    CORVEX MANAGEMENT LP
           
           
    By:
     
    /s/ Keith Meister
               
    Keith Meister
               
    Managing Partner
         
    Date: August 8, 2022
         
    KEITH MEISTER
           
           
    By:
     
    /s/ Keith Meister
               
    Keith Meister


    EXHIBIT 1
    AGREEMENT
    JOINT FILING OF SCHEDULE 13D
    The undersigned hereby agree to jointly prepare and file with regulatory authorities this Schedule 13D and any future amendments thereto reporting each of the undersigned’s beneficial ownership of securities of MDU Resources Group, Inc., and hereby affirm that such Schedule 13D is being filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other, except to the extent that he or it knows or has reason to believe that such information is inaccurate.
                 
    Date: August 8, 2022
         
    CORVEX MANAGEMENT LP
           
           
    By:
     
    /s/ Keith Meister
               
    Name: Keith Meister
               
    Title: Managing Partner
         
    Date: August 8, 2022
         
    KEITH MEISTER
           
           
    By:
     
    /s/ Keith Meister



    EXHIBIT 2
    TRANSACTIONS
    The following table sets forth all transactions with respect to Shares effected in the last sixty days by the Reporting Persons or on behalf of the Reporting Persons, inclusive of any transactions effected through 4:00 p.m., New York City time, on August 8, 2022. Except as otherwise noted below, all such transactions were purchases and sales of securities effected in the open market, and the table includes commissions paid in per share prices.
    NATURE OF TRANSACTION
     
    DATE OF
    TRANSACTION
     
    AMOUNT OF
    SECURITIES
     
    PRICE PER
    SHARE1
    Purchase of Common Stock
     
    6/9/2022
     
     33,162
     
    27.30
    Purchase of Common Stock
     
    6/10/2022
     
     116,700
     
    26.95
    Purchase of Common Stock
     
    6/13/2022
     
     484,501
     
    26.09
    Purchase of Common Stock
     
    6/14/2022
     
     248,058
     
    25.77
    Purchase of Common Stock
     
    6/15/2022
     
     141,200
     
    26.00
    Purchase of Common Stock
     
    6/16/2022
     
     286,450
     
    25.48
    Purchase of Common Stock
     
    6/17/2022
     
     360,748
     
    25.94
    Purchase of Common Stock
     
    6/21/2022
     
     168,800
     
    26.36
    Purchase of Common Stock
     
    6/22/2022
     
     159,100
     
    26.52
    Purchase of Common Stock
     
    6/23/2022
     
     71,601
     
    27.12
    Purchase of Common Stock
     
    6/27/2022
     
     200
     
    27.67
    Purchase of Common Stock
     
    6/29/2022
     
     85,000
     
    26.94
    Purchase of Common Stock
     
    6/30/2022
     
     74,900
     
    26.92
    Purchase of Common Stock
     
    7/1/2022
     
     31,026
     
    26.97
    Purchase of Common Stock
     
    7/5/2022
     
     163,600
     
    26.33
    Purchase of Common Stock
     
    7/6/2022
     
     100,477
     
    26.71
    Purchase of Common Stock
     
    7/7/2022
     
     150,601
     
    26.86
    Purchase of Common Stock
     
    7/8/2022
     
     110,291
     
    26.75
    Purchase of Common Stock
     
    7/11/2022
     
     27,500
     
    26.71
    Purchase of Common Stock
     
    7/12/2022
     
     104,815
     
    26.77
    Purchase of Common Stock
     
    7/13/2022
     
     183,600
     
    26.64
    Purchase of Common Stock
     
    7/14/2022
     
     100,900
     
    26.54
    Purchase of Common Stock
     
    7/15/2022
     
     112,100
     
    26.83
    Purchase of Common Stock
     
    7/18/2022
     
     86,856
     
    26.72
    Purchase of Common Stock
     
    7/19/2022
     
     60,000
     
    27.01
    Purchase of Common Stock
     
    7/20/2022
     
     50,000
     
    26.74
    Purchase of Common Stock
     
    7/21/2022
     
     45,000
     
    26.74
    Purchase of Common Stock
     
    7/22/2022
     
     45,000
     
    26.88
    Purchase of Common Stock
     
    7/25/2022
     
     13,700
     
    27.08
    Purchase of Common Stock
     
    7/26/2022
     
     33,300
     
    27.49




    1 The reported price and the prices in each of the following rows are weighted average prices. These shares were purchased in multiple transactions at prices within a one-dollar range.  The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range.
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      BISMARCK, N.D., Feb. 13, 2025 /PRNewswire/ -- MDU Resources Group, Inc.'s (NYSE:MDU) board of directors today declared a quarterly dividend on the company's common stock of 13.0 cents per share, unchanged from the previous quarter. The dividend is payable on April 1 to stockholders of record as of March 13, 2025. About MDU Resources Group, Inc.MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, provides essential products and services through its regulated electric and natural gas distribution and pipeline segments. Founded in 1924 as a small electric utility, M

      2/13/25 4:30:00 PM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials

    $MDU
    Large Ownership Changes

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    • Amendment: SEC Form SC 13D/A filed by MDU Resources Group Inc.

      SC 13D/A - MDU RESOURCES GROUP INC (0000067716) (Subject)

      11/1/24 4:31:56 PM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • SEC Form SC 13D/A filed by MDU Resources Group Inc. (Amendment)

      SC 13D/A - MDU RESOURCES GROUP INC (0000067716) (Subject)

      3/18/24 5:02:52 PM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • SEC Form SC 13G/A filed by MDU Resources Group Inc. (Amendment)

      SC 13G/A - MDU RESOURCES GROUP INC (0000067716) (Subject)

      2/13/24 4:55:50 PM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials

    $MDU
    SEC Filings

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    • SEC Form 10-Q filed by MDU Resources Group Inc.

      10-Q - MDU RESOURCES GROUP INC (0000067716) (Filer)

      5/8/25 8:38:00 AM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • MDU Resources Group Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - MDU RESOURCES GROUP INC (0000067716) (Filer)

      5/8/25 8:32:14 AM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • SEC Form DEFA14A filed by MDU Resources Group Inc.

      DEFA14A - MDU RESOURCES GROUP INC (0000067716) (Filer)

      4/3/25 8:19:26 AM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials

    $MDU
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Johnson Dennis W bought $499,200 worth of shares (30,000 units at $16.64), increasing direct ownership by 20% to 180,166 units (SEC Form 4)

      4 - MDU RESOURCES GROUP INC (0000067716) (Issuer)

      2/10/25 4:44:31 PM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Johnson Rob L. bought $923,970 worth of Common Stock - 401 (36,291 units at $25.46) (SEC Form 4)

      4 - MDU RESOURCES GROUP INC (0000067716) (Issuer)

      5/8/24 4:44:47 PM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • Rosenthal Dale bought $8,456 worth of shares (375 units at $22.55), increasing direct ownership by 2% to 16,499 units (SEC Form 4)

      4 - MDU RESOURCES GROUP INC (0000067716) (Issuer)

      3/13/24 5:31:49 PM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials

    $MDU
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Jefferies initiated coverage on MDU Resources with a new price target

      Jefferies initiated coverage of MDU Resources with a rating of Hold and set a new price target of $18.00

      1/8/25 9:26:59 AM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • MDU Resources upgraded by BofA Securities with a new price target

      BofA Securities upgraded MDU Resources from Neutral to Buy and set a new price target of $17.00

      11/5/24 7:22:02 AM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials
    • MDU Resources upgraded by Siebert Williams Shank with a new price target

      Siebert Williams Shank upgraded MDU Resources from Hold to Buy and set a new price target of $19.00

      11/4/24 8:26:06 AM ET
      $MDU
      Mining & Quarrying of Nonmetallic Minerals (No Fuels)
      Industrials