Even if a majority of Columbia En-ergy Group’s shareholders tender to NiSource, Inc.’s rejected $5.7 billion hostile tender, analysts said that regulatory hurdles and Columbia’s staggered board will likely quash any deal. NiSource, as a utility company, is pro-hibited by law from acquiring more than 4.9% of Columbia without Securities and Exchange Commission approval, under the Public Utility Holding Company Act of 1935.
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