UPDATE: AltaGas Further Declines After Shareholder, Court Approval of Pacific Northern Gas Acquisition
AltaGas Ltd. (ALA.TO), which started the session unchanged at $31.12 from yesterday's close, has further declined to $30.75 in the afternoon by as much as 1% after announcing shareholder and court approval of the acquisition of all of the issued and outstanding common shares of Pacific Northern Gas Ltd. (PNG.TO) by AltaGas. The transaction is pending federal regulatory approval.
The companies said the proposed transaction was approved by over 99% of PNG shareholders voting in person or represented by proxy at a special meeting held on December 12, 2011.
PNG shares were last traded this morning at $36.70 a share, unchanged from yesterday's closing price.
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