General News | Deals - Acquisition, Mergers, Divestitures
TransCanada Makes Bid for Columbia Pipeline Partners Takeover; $848MM
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TransCanada's wholly-owned subsidiary, Columbia Pipeline Group, has offered to acquire, for cash, all of the 53,843,466 outstanding common units of the master limited partnership, Columbia Pipeline Partners at a price of US$15.75 per common unit (for a total transaction value of $848 million).
The offer price represents an 11.3 per cent premium to the 30 day average closing price on September 23, 2016.
The offer has been made to the board of directors of the general partner of CPPL.
This decision to make the offer follows TransCanada's July 1, 2016 announcement, upon closing its acquisition of Columbia, that the Company is reviewing its strategic alternatives for its master limited partnership holdings.
TransCanada has retained Morgan Stanley to act as its financial advisor and Vinson &…
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