UPDATE: AltaGas Lower After Shareholder, Court Approval of Pacific Northern Gas Acquisition
AltaGas Ltd. (ALA.TO) started the session unchanged at $31.12 but has now edged off by almost 1% to $30.92 amid a broad decline, after announcing shareholder and court approval of the acquisition of all of the issued and outstanding common shares of PNG 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 yesterday at $36.70 per share.