Court: Columbia Pipe Shareholders Shafted in Sale, TC Energy Liable

TransCanada Corporation, which renamed itself TC Energy in 2019, made a play for and bought out/merged in U.S.-based Columbia Pipeline Group in 2016 (see TransCanada and Columbia Pipeline Tie the Knot Today). TransCanada paid $13 billion for Columbia, including the assumption of $2.8 billion of debt. TransCanada paid Columbia shareholders $25.50 per share in cash. However, some Columbia shareholders were not happy with the price paid and said the deal was all hush-hush until it was simply popped on everyone at the last minute. Nobody else had a chance to bid up the price, and the price did not reflect the company's true value, according to the disgruntled shareholders. So they sued. And on Friday, they won.

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