MDU Resources Board OKs Knife River Spin-Off; Distribution of 1 KNF per 4 MDU

MDU RESOURCES GROUP INC

Each MDU stockholder receives 1 share of Knife River (KNF) for every 4 MDU shares held on record date May 22, 2023.
Distribution effective 11:59 p.m. ET May 31, 2023; when-issued trading of KNF starts May 25 on NYSE.
MDU retains ~10% of KNF shares post-distribution; plans to divest via exchange for debt or additional distributions.
Knife River reported $2.5B revenue in 2022; will trade on NYSE under 'KNF' as independent company.
Distribution expected tax-free for U.S. federal income tax purposes; fractional shares cashed out.

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