Tallgrass Energy shares rocket 35% after Blackstone buyout offer

Tallgrass Energy LP shares

TGE, +34.49%

soared 35% Wednesday, after the Leawood, Kansas-based energy infrastructure company said it has received a buyout offer from Blackstone Infrastructure Partners and affiliates for $19.50 a share in cash. The price offers a roughly 36% premium over Tallgrass Energy’s closing price on Aug. 27, and about 12% above its volume weighted average price during the last 30 calendar days. Blackstone and other sponsors already own a 44.2% stake in Tallgrass Energy. “The Board intends to form a conflicts committee consisting of independent directors of the Board to consider the proposal,” the company said in a statement. Shares have fallen 20.6% in 2019, while the S&P 500

SPX, +0.36%

has gained 14.5%.

Go to Source