Jefferies Downgrades Columbia Pipeline Group (CPGX) to Hold Following Takeover

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Go back to Jefferies Downgrades Columbia Pipeline Group (CPGX) to Hold Following Takeover

TransCanada to Acquire Columbia Pipeline Group for $25.50 Per Share

March 17, 2016 4:32 PM EDT

HOUSTON, March 17, 2016 /PRNewswire/ -- Columbia Pipeline Group, Inc. ("CPG") (NYSE: CPGX) today announced that it has entered into a definitive agreement to be acquired by TransCanada Corporation ("TransCanada") (TSX, NYSE: TRP) for $25.50 per share in cash.  Including the assumption of CPG debt, the total enterprise value of the transaction is approximately $13 billion.  The agreement, which has been unanimously approved by CPG's Board of Directors, represents a premium of approximately 32% to the volume weighted average price over the last 30 days.

"This transaction delivers... More