Columbia Pipeline Group stockholders approve acquisition by TransCanada

Trans-Alaska Oil Pipeline
Source: Adobe Stock

Columbia Pipeline Group announced yesterday that its stockholders approved the proposed acquisition of the company by TransCanada Corporation. The proposed acquisition terms were outlined in the definitive proxy statement, dated May 17, 2016.

As announced on March 17, 2016, CPG and TransCanada entered into a definitive merger agreement pursuant to which TransCanada will acquire CPG for $25.50 per share in cash. CPG’s stockholder approval is a condition to the closing of the merger. The completion of the transaction remains subject to certain other customary closing conditions, but CPG and TransCanada anticipate that the closing of the transaction will be effective on July 1, 2016.

Columbia Pipeline Group, Inc. operates approximately 15,000 miles of interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. CPG also operates one of the nation’s largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX.

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