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NiSource Pursues Hostile Bid for Columbia

July 07, 1999|Reuters

Electricity and natural gas supplier NiSource Inc. said it will press on with its hostile tender offer for natural gas company Columbia Energy Group despite another snub from its management. Columbia said its board had determined that NiSource's takeover offer of $5.7 billion, or $68 a share, was inadequate and not in the best interests of the company or its shareholders. Merrillville, Ind.-based NiSource went public with a bid to buy Herndon, Va.-based Columbia in early June after its private advances had been rejected. Columbia Energy closed down 31 cents at $63.88 and NiSource fell 31 cents to close at $26.25.

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