The Board of Directors of Columbia Pipeline Group, Inc. (CPG) declared a quarterly dividend of 13.875 cents per share on CPG's common stock that is payable on 19 August 2016 to common stockholders of record as of the close of business on 29 July 2016, provided that CPG's proposed merger with TransCanada Corporation (TransCanada) does not close on or prior to the close of business on 29 July 2016. This would represent an approximately 3.7% increase over the prior quarter's dividend of 13.375 cents per share.
As previously announced, on 17 March 2016, CPG entered into an agreement and plan of merger with TransCanada and certain subsidiaries of TransCanada providing for the acquisition of CPG by a wholly owned subsidiary of TransCanada.
The proposed merger is subject to approval by CPG's stockholders, regulatory approval and certain other customary closing conditions. CPG currently expects that the closing of the merger will occur in the second half of 2016. If the proposed merger with TransCanada closes prior to the close of business on 29 July 2016, then the dividend announced in May will not be paid.
Edited from source by Stephanie Roker
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