Fortis Plunges by Record on $6.9 Billion Bid to Buy ITC

Updated on
  • Offer represented a 14% premium to Monday's closing price
  • Fortis follows other power companies seeking better growth

Fortis Inc. agreed to buy ITC Holdings Corp. for $6.9 billion in cash and stock, in what will be the largest Canadian takeover of a U.S. utility. Its shares fell the most in more than 28 years, and ITC also declined.

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