UGI shares spike on reported KKR bid for the company

Investing.com -- UGI Corporation shares quickly rose more than 14% on Tuesday following a Wall Street Journal report that private equity firm KKR made a $9 billion takeover offer for the natural gas and electricity distributor.

KKR proposed to acquire UGI for $42.50 per share, according to the report.

Shares were halted for a volatility pause at $37.20, up 6%, shortly after the announcement. Before the report surfaced, the stock was trading around $35, approximately 20% below the reported offer price.

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