AltaGas receives British Columbia Utilities Commission approval for acquisition of common shares of Pacific Northern Gas
AltaGas Ltd. and Pacific Northern Gas Ltd. reported that the British Columbia Utilities Commission granted AltaGas' wholly owned subsidiary, AltaGas Utility Holdings Inc.,
AltaGas Ltd. and Pacific Northern Gas Ltd. reported that the British Columbia Utilities Commission granted AltaGas' wholly owned subsidiary, AltaGas Utility Holdings Inc., approval for the Acquisition of the Issued and Outstanding Common Shares of PNG. The BCUC also granted approval to PNG to Register a Transfer of the Issued and Outstanding Common Shares of PNG to AltaGas Utility Holdings Inc. Further details on the terms of the approval are available on the BCUC's website at: www.bcuc.com.
On October 31, 2011, AltaGas announced it entered into a definitive agreement with PNG pursuant to which AltaGas will indirectly acquire all of the issued and outstanding common shares of PNG for $36.75 cash per PNG share pursuant to a statutory plan of arrangement under the Business Corporation Act.
The proposed transaction remains subject to other customary conditions including approval by at least two-thirds of the votes cast at a special meeting of PNG shareholders to be held on December 12, 2011, and by a majority of the "minority" shareholders voting at such meeting, followed by and subject to the approval of the Supreme Court of British Columbia. If all approvals are obtained, the transaction is expected to close on or about December 13, 2011.