By a News Reporter-Staff News Editor at Energy Weekly News -- (NYSE:UIL) UIL Holdings Corporation (UIL) announced the commencement of a cash tender offer by its wholly-owned subsidiary, CTG Resources, Inc., of all of the issued and outstanding shares of the $3.125 Par Preferred Stock of its subsidiary, Connecticut Natural Gas Corporation ("CNG"), at a price of $7.50 per share. As of January 31, 2014, there were a total of 108,706 shares of the $3.125 Par Preferred Stock outstanding. The last reported sales price of the $3.125 Par Preferred Stock was $5.55.
Terms and conditions are set forth in the February 3, 2014 Offer to Purchase and related Letter of Transmittal. This offer will expire at 5:00 pm, New York City time, on March 4, 2014, unless extended or withdrawn. The Board of Directors of CNG has approved the tender offer and recommended that the holders of the $3.125 Par Preferred Stock accept the offer of CTG Resources, Inc.
CTG Resources, Inc. has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson, Inc., as the information agent.
Copies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery are being mailed to the holders of the $3.125 Par Preferred Stock. Additional copies of the Offer to Purchase, the related Letter of Transmittal or the Notice of Guaranteed Delivery may be obtained at CTG Resources, Inc.'s expense from the information agent at (866) 391-6921. Questions regarding the tender offer should be directed to the information agent at (866) 391-6921 (toll free). Certain Information Regarding the Tender Offer The information in this press release describing CTG Resources, Inc.'s tender offer for the $3.125 Par Preferred Stock of CNG is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of CNG's $3.125 Par Preferred Stock in the tender offer. The tender offer is being made only pursuant to the Offer to Purchase and the related materials, as they may be amended or supplemented, that CTG Resources, Inc. is distributing to CNG's preferred stockholders. Stockholders should read such Offer to Purchase and related materials carefully and in their entirety because they contain important information, including the various terms and conditions of the tender offer.
Headquartered in New Haven, Connecticut, UIL Holdings Corporation (NYSE:UIL) is a diversified energy delivery company serving a total of approximately 700,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion.
Keywords for this news article include: Energy, Oil & Gas, Natural Gas, Investment and Finance, UIL Holdings Corporation.
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