CPG: TransCanada acquisition approved

Columbia Pipeline Group, Inc. (CPG) has announced that its stockholders approved the proposals identified in the definitive proxy statement, dated 17 May 2016, at a special meeting of stockholders held on 22 June relating to the proposed acquisition of CPG by TransCanada Corporation (TransCanada).

Holders of 95.33% of CPG shares present and voting at the meeting voted in favour of the proposal to adopt the agreement and plan of merger with TransCanada, dated 17 March 2016, with 77.48% of CPG's outstanding shares present and voting at the meeting.

As announced on 17 March 2016, CPG and TransCanada entered into a definitive merger agreement pursuant to which TransCanada will acquire CPG for US$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 1 July 2016.

Edited from source by Stephanie Roker

Read the article online at: https://www.worldpipelines.com/business-news/23062016/cpg-transcanada-acquisition-approved/