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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.17 | -0.34% | 49.15 | 49.10 | 49.25 | 49.45 | 48.91 | 49.35 | 4,015,304 | 21:14:58 |
By Judy McKinnon
TransCanada Corp. said Monday it had offered $848 million to buy Columbia Pipeline Partners LP, the master limited partnership affiliate of its newly acquired Columbia Pipeline Group Inc. unit.
The Canadian pipeline operator closed its more-than-$10-billion purchase of the Houston-based pipeline company in July and has been reviewing its strategic options for its master limited partnership holdings since then.
Calgary, Alberta-based TransCanada said it agreed to offer $15.75 a unit for all 53.8 million outstanding units of Columbia Pipeline Partners. The offer represents a nearly 3% premium over the limited partnership closing price of $15.30 on Friday.
TransCanada said a committee of independent directors of Columbia Pipeline Partners will be formed to consider the offer.
The Columbia Pipeline limited partnership has interests in three regulated U.S. natural-gas pipelines extending from New York to the Gulf of Mexico, plus natural-gas storage systems and a portfolio of gathering and processing assets.
TransCanada also owns TC PipeLines LP, a limited partnership with stakes in a number of U.S. natural-gas pipelines including the Bison pipeline, which runs between Wyoming and North Dakota.
The decision to buy the Columbia Pipeline limited partnership was determined to be the "preferable approach" and concludes the strategic-review process, a TransCanada spokesman said in an email. TC PipeLines will remain in its current form as a publicly traded entity, he said.
Write to Judy McKinnon at judy.mckinnon@wsj.com
(END) Dow Jones Newswires
September 27, 2016 02:48 ET (06:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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