What is the timeline for shareholder voting and any potential delays or regulatory hurdles?

Answer

The press release you quoted does not give a specific calendar of events for the shareholder‑vote on the proposed sale of Aris Water Solutions, Inc. (ARIS) to Western Midstream Partners, LP. It only announces that Halper Sadeh LLC is reviewing the fairness of the transaction and is urging ARIS shareholders to learn about their legal rights.

Because the filing does not contain a detailed timetable, we have to rely on the typical timeline for a merger‑or‑sale that requires a shareholder vote and on the regulatory steps that are usually required for a transaction of this size. Below is a step‑by‑step outline of what you can expect, together with the points where delays or extra regulatory scrutiny can arise.

1. Pre‑Deal Disclosure (Now – Early‑Mid 2025)

Key point: Until the proxy statement is filed, the company cannot set a definitive date for the shareholder meeting. The filing of the proxy is the first public signal that a vote will be scheduled.

2. SEC Review & Comment Period (Mid‑2025)

Potential delay: If the SEC raises substantive concerns—e.g., about the valuation methodology, the fairness‑review process, or the adequacy of the disclosure—companies may need to provide additional data, which can add 2–3 weeks to the timeline.

3. Shareholder‑Vote Scheduling (Late 2025)

Potential delay: If a significant number of shareholders request a “proxy‑statement amendment” (e.g., to add a question, change the wording, or request additional information), the company may have to file a Form 8‑K amendment to the proxy, which restarts the SEC comment cycle and can push the meeting out by 2–4 weeks.

4. Regulatory Approvals (Concurrent with or after the vote)

Key regulatory hurdle: The FTC antitrust review is the most common source of a material delay for a transaction that combines two mid‑stream entities. If the FTC determines that the combined entity would have a significant competitive advantage in any market, it could request divestitures or conditioned approvals, which would push the closing date out by months.

5. Closing of the Transaction (Mid‑Late 2025)

Potential delay: If the FTC or a state regulator imposes conditions (e.g., asset divestitures, additional reporting), the closing could be postponed until those conditions are satisfied—potentially 30 days to 3 months beyond the original schedule.

Putting It All Together – A Reasonable “Best‑Case” Timeline

Note: This schedule assumes no major SEC comment cycle, no FTC antitrust objections, and no need for additional water‑service permits. If any of those hurdles arise, each could add 2–4 weeks (SEC) or 30‑45 days (FTC) or even multiple months (state or industry permits) to the timeline.

What This Means for You as a Shareholder

1. Check the proxy statement – The definitive record‑date and meeting date will be disclosed in the Form S‑4 (proxy) once the SEC clears it. Until that filing is effective, there is no firm voting schedule.
2. Expect a 20‑day notice period – After the proxy is effective, the company must give shareholders at least 20 calendar days’ notice before the meeting. This is the earliest you can know the exact voting date.
3. Watch for FTC filings – If the transaction is large enough to trigger an antitrust review, the FTC will publicly announce the HSR filing and the 30‑day waiting period. That information will be posted on the FTC’s website and typically also disclosed in a follow‑up 8‑K filing.
4. Potential “delay” triggers –
   
   • SEC substantive comments (valuation, fairness‑review, conflict‑of‑interest disclosures).
     
   • Shareholder‑requested proxy amendments (e.g., to add a “fairness‑review” question).
     
   • FTC antitrust concerns (possible requirement to divest certain assets).
     
   • State or federal permit approvals for water‑service or pipeline assets.
     

If any of these arise, the closing date could be pushed out beyond the “mid‑November” window shown above.

Bottom Line

• The news release does not specify a voting timeline.
  
• Based on standard merger‑sale procedures, the earliest a shareholder vote could realistically be held is roughly **30 days after the proxy statement becomes effective, which itself is typically filed 2–4 weeks after the deal announcement.
  
• Regulatory hurdles—especially an FTC antitrust review—are the most likely source of a material delay and can add 30 days (plus possible extensions) to the overall timeline.
  
• Shareholders should monitor the forthcoming proxy filing (Form S‑4) and any subsequent 8‑K filings for the exact record‑date, meeting date, and any announced regulatory waiting periods.
  

If you need a more precise schedule once the proxy is filed, you can request a copy of the Form S‑4 from ARIS’s investor‑relations site or from the SEC’s EDGAR database, where the record‑date and meeting date will be listed. Should you have concerns about the fairness of the transaction, the contact information provided by Halper Sadeh LLC (Daniel Sadeh, Zachary Halper, phone 212‑763‑0060, email sadeh@halp) is the appropriate channel for legal advice and to discuss any potential shareholder‑action options.