Jefferies Downgrades Columbia Pipeline Group (CPGX) to Hold Following Takeover
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TransCanada to buy Columbia Pipeline Group for $10.2 billion
March 17, 2016 4:43 PM EDTCALGARY, Alberta (Reuters) - TransCanada Corp (NYSE: TRP), the company behind the controversial Keystone XL oil pipeline, said on Thursday it will buy Columbia Pipeline Group (NYSE: CPGX) for $10.2 billion, creating one of North America's largest regulated natural gas transmission businesses.
The deal, valued at $13 billion including debt, comes months after U.S. President Barack Obama blocked the cross-border Keystone XL crude pipeline. His decision was a victory for environmentalists and a blow to TransCanada after a seven-year battle for approval.
TransCanada will offer $25.50 per... More
TransCanada (TRP) Enters Bought Deal for 92M Subscription Receipts at $45.75/Receipt
March 17, 2016 4:36 PM EDTTransCanada Corporation (NYSE: TRP) announced that it has entered into an agreement with a syndicate of underwriters (the Underwriters) led by RBC Capital Markets and TD Securities Inc. under which they have agreed to purchase from TransCanada and sell to the public 92.0 million Subscription Receipts at a price of $45.75 per Subscription Receipt for total gross proceeds of $4.209 billion (the Offering). The Subscription Receipts will be offered to the public in Canada and the United States through the Underwriters or their affiliates. TransCanada has also granted the Underwriters an option to purchase up to an... More
TransCanada (TRP) to Acquire Columbia Pipeline Group (CPGX) in $13B Deal
March 17, 2016 4:31 PM EDTTransCanada Corporation (NYSE: TRP) (TransCanada) today announced it has entered into an agreement and plan of merger pursuant to which it will acquire Columbia Pipeline Group, Inc. (NYSE: CPGX), a Houston, Texas-based company that operates an approximate 24,000-kilometre (km) (15,000-mile) network of interstate natural gas pipelines extending from New York to the Gulf of Mexico, with a significant presence in the Appalachia production basin.
Under the terms of the all-cash deal, unanimously approved by the Boards of Directors of both companies, Columbia shareholders will receive... More
