HomeJuly 22, 2014
Parent of Gas Marketer Rejected Three Takeover Bids
Copyright 2014 EnergyChoiceMatters.com.
Gas Natural Inc., the parent of natural gas marketer Energy West Resources and several regulated distribution companies, said that it has rejected "unsolicited and inadequate" offers made by Algonquin Power & Utilities on January 14, March 5 and May 7, 2014 to acquire the company
According to Gas Natural Inc., Algonquin had proposed to acquire all of the outstanding shares of the company for $10 per share, a 20% premium of the then stock price (approximately $12), and $13, respectively.
Energy West Resources engages in natural gas trading, natural gas wholesale and retail supply operations, and natural gas production and gathering activities.
Gas Natural Inc. also serves 73,000 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine, North Carolina and Kentucky.
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