Shareholders of a former subsidiary of Merrillville-based NiSource Inc. (NYSE: NI) have approved the company’s sale to TransCanada Corp. (NYSE: TRP). The $13 billion acquisition of Houston-based Columbia Pipeline Group Inc. (NYSE: CPGX) is expected to close on July 1.
Columbia shareholders will receive $25.50 per share, with payment expected to be made soon after the sale closes. In 2014, NiSource announced Columbia would spin off into a separate, publicly-traded company.
Our partners at The Times of Northwest Indiana say NiSource shareholders received one share of Columbia stock for each share of NiSource stock they held in July 2015, when the spin-off took place. Those shareholders stand to receive the $25.50 payout if they still own those Columbia shares.
The Times also reports Columbia shareholders approved golden parachutes for the company’s top executives if they are let go or elect to leave under specific circumstances. The largest golden parachute could go to Chief Executive Officer Robert Skaggs Jr., who could receive $23.6 million.