NiSource’s hostile takeover of Columbia Energy wins the overall prize for best US M&A deal for several reasons. It was a takeover of a regulated by an unregulated utility by an aggressive firm that secured $6 billion in financing from CSFB and Barclays Capital with a market capitalization of $2 billion.
NiSource’s executives and their bankers showed tenacity as their share price dropped over 30% during the course of the battle. The offer finally accepted after an auction was actually below NiSource’s final tender offer.
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