Key Developments: CH Energy Group Inc (CHG)
64.67USD
23 May 2013
$0.08 (+0.12%)
$64.59
$64.47
$64.76
$64.47
14,795
39,656
$66.00
$63.90
Latest Key Developments (Source: Significant Developments)
CH Energy Group Inc Declares Common Stock Dividend
CH Energy Group Inc announced that it has declared a common stock dividend of $0.555 per share. Full Article
CH Energy Group Inc Declares Common Stock Dividend
CH Energy Group Inc announced that it declared a quarterly dividend of $0.555 per share of its Common Stock, payable February 1, 2013, to holders of record as of January 10, 2013. Full Article
CH Energy Group Inc Declares Quarterly Dividend
CH Energy Group Inc announced that it has declared a quarterly dividend of 55.5 cents per share of its Common Stock, payable November 1, 2012, to holders of record as of October 15, 2012. Full Article
FortisBC Energy Inc Announces To Acquisition Of CH Energy Group, Inc.
FortisBC Energy Inc announced that acquisition of CH Energy Group, Inc. (CH Energy Group) has been approved by CH Energy Group shareholders, with 92% of shares cast voted in favour of the acquisition. At a Special Meeting of Shareholders held in Poughkeepsie, New York, earlier, CH Energy Group shareholders approved the adoption of the merger agreement under which Fortis will acquire CH Energy Group for $65.00 per common share in cash, for an aggregate purchase price of approximately $1.5 billion, including the assumption of approximately $500 million of debt (the Acquisition). The Acquisition is subject to certain regulatory and other approvals and is expected to close by the end of the first quarter of 2013. In April 2012, Fortis and Central Hudson Gas & Electric Corporation (Central Hudson) filed a joint petition with each of the New York State Public Service Commission and the Federal Energy Regulatory Commission to launch the regulatory review for approval of the Acquisition. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of CH Energy Group, Inc.
Law Office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of CH Energy Group, Inc. (CH Energy) relating to the proposed acquisition by Fortis, Inc. (Fortis). Under the terms of the transaction, CH Energy shareholders would receive only $65.00 in cash for each share of CH Energy stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of CH Energy for not acting in the Company’s shareholders' best interests in connection with the sale process to Fortis. The transaction may undervalue CH Energy as CH Energy stock traded at $66.41 as recently as February 22, 2012. In addition, an analyst has set a target price for the CH Energy stock at $69.00. Full Article
CH Energy Group, Inc. Investor Lawsuit Against Takeover by Fortis Inc.
The Shareholders Foundation, Inc. announced that an investor filed a lawsuit in State Court for current stockholders of CH Energy Group (CHG) in effort to stop the proposed takeover of CH Energy Group by Fortis Inc. for $65.00 per share. On February 21, 2012, CH Energy Group, Inc. (CHG) announced that it has entered into a merger agreement with Fortis Inc., under which Fortis will acquire CH Energy Group for an aggregate purchase price of approximately U.S. $1.5 billion, including the assumption of approximately U.S. $500 million of debt. Under the terms of the proposed transaction shareholders of CH Energy Group, Inc. will receive U.S. $65 for each share of the company they own. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of CH Energy Group, Inc.
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of CH Energy Group, Inc., relating to the proposed acquisition by Fortis, Inc. ("Fortis"). Under the terms of the transaction, CH Energy shareholders would receive only $65.00 in cash for each share of CH Energy stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of CH Energy for not acting in CH Energy's shareholders' best interests in connection with the sale process to Fortis. The transaction may undervalue CH Energy as CH Energy stock traded at $66.41 as recently as February 22, 2012. In addition, an analyst has set a target price for the CH Energy stock at $69.00. Full Article
Ryan & Maniskas, LLP Announces Investigation Of CH Energy Group, Inc.
Ryan & Maniskas, LLP announced that it is investigating potential claims against the Board of Directors of CH Energy Group, Inc. (CH Energy) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s efforts to sell CH Energy to Fortis Inc. in a transaction valued at approximately $1.5 billion. Investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by Company’s board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of CH Energy. Under the terms of the agreement, CH Energy shareholders will receive $65.00 for each share of CH Energy stock they own. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of CH Energy Group, Inc.
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims against the Board of Directors of CH Energy Group, Inc., related to the proposed acquisition of the Company by Fortis Inc. The transaction is valued at approximately $1 billion or $65.00 per share. The investigation concerns whether the Board of Directors of the Company breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has skyrocketed from $52.38 on November 25, 2011, to $58.81 on February 16, 2012. Further, at least one analyst has set a target price for the Company’s stock at $69.00. Full Article
Robbins Umeda LLP Announces An Investigation Of CH Energy Group, Inc.
Shareholder rights firm Robbins Umeda LLP announced that it has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of CH Energy Group, Inc., in connection with their efforts to sell the Company to Fortis Inc. On February 21, 2012, Company announced that it had entered into a definitive merger agreement to be acquired by Fortis in an all-cash transaction. According to the terms of the deal, Company shareholders will receive $65.00 for each share of the Company they own. Robbins Umeda LLP's investigation focuses on whether the Company's board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the Company's recent positive financial results. On February 16, 2012, the Company reported financial results for the fourth quarter of fiscal year 2011 that beat analyst expectations. In addition, at least one market analyst has released a target price for the Company that values the Company's stock at $69.00 per share, higher than the value being offered by Fortis as a part of the proposed transaction. Robbins Umeda is also investigating whether self-dealing and other employment guarantees played a part in the decision by the Company to enter into the agreement with Fortis. According to the terms of the deal, the Company will retain substantial autonomy in the surviving corporation. Full Article
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