HOUSTON, June 22, 2016 /PRNewswire/ -- Columbia Pipeline
Group, Inc. (NYSE: CPGX) ("CPG") today announced that CPG's
stockholders approved the proposals identified in the definitive
proxy statement, dated May 17, 2016,
at a special meeting of stockholders held earlier today relating to
the proposed acquisition of CPG by TransCanada Corporation (TSX:
TRP) (NYSE: TRP) ("TransCanada"). Holders of 95.33 percent of
CPG shares present and voting at the meeting voted in favor of the
proposal to adopt the agreement and plan of merger with
TransCanada, dated March 17, 2016,
with 77.48 percent of CPG's outstanding shares present and voting
at the meeting.
As announced on March 17, 2016,
CPG and TransCanada entered into a definitive merger agreement
pursuant to which TransCanada will acquire CPG for $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
July 1, 2016.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000
miles of strategically located interstate pipeline, gathering and
processing assets extending from New
York to the Gulf of Mexico,
including an extensive footprint in the Marcellus and Utica shale production areas. CPG also
operates one of the nation's largest underground natural gas
storage systems. CPG is listed on the NYSE under the ticker
symbol CPGX.
Forward-Looking Statements
Certain statements in this release may constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act") and the Private Securities Litigation Reform Act of 1995
concerning CPG and the proposed merger with TransCanada.
Forward-looking statements are statements other than historical
facts and that frequently use words such as "anticipate,"
"believe," "continue," "could," "estimate," "expect," "forecast,"
"intend," "may," "plan," "position," "should," "strategy,"
"target," "will" and similar words. All such forward-looking
statements speak only as of the date of this release. Although CPG
believes that the plans, intentions and expectations reflected in
or suggested by the forward-looking statements are reasonable,
there is no assurance that these plans, intentions or expectations
will be achieved and such statements are subject to various risks
and uncertainties. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecasted in
such statements and readers are cautioned not to place undue
reliance on such statements. CPG's business may be influenced by
many factors that are difficult to predict, involve uncertainties
that may materially affect actual results and are often beyond
CPG's control. These factors include, but are not limited to, the
occurrence of any event, change or other circumstance that could
give rise to termination of the merger agreement with TransCanada;
the inability to complete the proposed merger due to the failure to
satisfy the conditions to completion of the proposed merger,
including that a governmental entity may prohibit, delay or refuse
to grant approval for the consummation of the merger; risks related
to disruption of management's attention from CPG's ongoing business
operations due to the pending merger; the impact of the
announcement of the proposed merger on relationships with third
parties, including commercial counterparties, employees and
competitors, and risks associated with the loss and ongoing
replacement of key personnel; risks relating to unanticipated costs
of integration in connection with the proposed merger, including
operating costs, customer loss or business disruption being greater
than expected; changes in general economic conditions; competitive
conditions in our industry; actions taken by third-party operators,
processors and transporters; the demand for natural gas storage and
transportation services; our ability to successfully implement our
business plan; our ability to complete internal growth projects on
time and on budget; the price and availability of debt and equity
financing; the availability and price of natural gas to the
consumer compared with the price of alternative and competing
fuels; competition from the same and alternative energy sources;
energy efficiency and technology trends; operating hazards and
other risks incidental to transporting, storing and gathering
natural gas; natural disasters, weather-related delays, casualty
losses, acts of war and terrorism and other matters beyond our
control; interest rates; labor relations; large customer defaults;
changes in the availability and cost of capital; changes in tax
status; the effects of existing and future laws and governmental
regulations; and the effects of future litigation, including
litigation relating to the proposed merger with TransCanada. We
caution that the foregoing list of factors is not exhaustive.
Additional information about these and other factors can be found
in CPG's Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (the "SEC") for the fiscal year
ended December 31, 2015, as amended, and CPG's other filings
with the SEC, which are available at http://www.sec.gov. All
forward-looking statements included in this press release are
expressly qualified in their entirety by such cautionary
statements. CPG expressly disclaims any obligation to update, amend
or clarify any forward-looking statement to reflect events, new
information or circumstances occurring after the date of this
release except as required by applicable law.
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SOURCE Columbia Pipeline Group, Inc.