On Monday, natural gas pipeline operator TC Pipelines said that its top shareholder TC Energy Corp. has offered to buy the rest of it.
At the moment, TC Energy owns a 23.9% stake in TC Pipelines.
The completion of the acquisition would value at around USD1.48 billion and TC Pipelines common shareholders would accept 0.650 common shares of TC Energy, representing a value of USD27.31/share, a premium of 5.4% to TC PipeLines’ Friday close.
A committee consisting of independent directors will be formed to review the offer.
