InfraREIT Announces "go-shop" Period Alternative Acquisition Proposal is Not Moving Forward

Source Press Release
Company Sempra Energy 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date December 04, 2018

InfraREIT, Inc. (NYSE: HIFR) ("InfraREIT" or the "Company") today announced that the third party (the "Potential Counterparty") that previously submitted a preliminary and non-binding proposal to acquire the Company has terminated discussions and is no longer considering a potential transaction with the Company.  As a result, the Potential Counterparty no longer qualifies as an "Excluded Party" under the previously announced definitive agreement with Oncor Electric Delivery Company LLC ("Oncor").

InfraREIT continues to move forward with the transaction with Oncor pursuant to which the Company will be acquired for $21.00 per share in cash, valued at approximately $1.275 billion, plus the assumption of approximately $940 million of InfraREIT's net debt as of September 30, 2018.  The transaction, which was unanimously approved by InfraREIT's Board of Directors and Conflicts Committee, is expected to close by mid-2019, subject to the satisfaction of regulatory and stockholder approvals and other customary closing conditions.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd