Wells Fargo Downgrades ITC Holdings (ITC) to Market Perform

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Go back to Wells Fargo Downgrades ITC Holdings (ITC) to Market Perform

Fortis to Acquire ITC Holdings (ITC) in ~$11.3B Deal

February 9, 2016 6:10 AM EST

Fortis Inc. (OTC: FRTSF) and ITC Holdings Corp. (NYSE: ITC) announced that they have entered into an agreement and plan of merger pursuant to which Fortis will acquire ITC in a transaction (the "Acquisition") valued at approximately US$11.3 billion. Under the terms of the transaction ITC shareholders will receive US$22.57 in cash and 0.7520 Fortis shares per ITC share. At yesterday's closing price for Fortis common shares and the US$/C$ exchange rate, the per share consideration represents a premium of 33% over ITC's unaffected closing share price on November 27,... More