TC PipeLines Shares Up 11% After Buyout Offer From TC Energy
05 Ottobre 2020 - 8:16PM
Dow Jones News
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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