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Share Name Share Symbol Market Type
TC Energy Corporation TSX:TRP Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.31 0.53% 58.90 58.76 58.99 59.00 58.52 58.65 555,579 21:30:11

TC PipeLines Shares Up 11% After Buyout Offer From TC Energy

05/10/2020 7:16pm

Dow Jones News


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By Michael Dabaie

 

TC PipeLines LP shares were up 11% to $28.66 in afternoon trading.

TC Energy Corp. before the market open said it made an offer to acquire all common units of TC PipeLines LP in a deal that values the company at about $1.5 billion.

Under the proposal, TC PipeLines common unitholders would receive 0.650 common shares of TC Energy for each TC PipeLines common unit, for an implied value of $27.31 per common unit.

The exchange ratio values all TC PipeLines publicly held common units at about $1.48 billion, or 35.2 million TC Energy common shares.

TC PipeLines said that since its general partner is an indirect subsidiary of TC Energy, its board will form a conflicts committee to consider the offer.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

October 05, 2020 14:01 ET (18:01 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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