Fortis Plunges by Record on $6.9 Billion Bid to Buy ITCBy and
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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.