ITC Holdings' Takeover By Fortis Gets Regulatory Approval
Zacks Investment Research | Sep 15, 2016 09:00PM ET
ITC Holdings Corp. (NYSE:ITC) has announced that Fortis Inc. (TO:FTS) .TO) has obtained regulatory approval from the Missouri Public Service Commission to proceed with the its pending acquisition of the former.
Acquisition Details
This February, ITC Holdings inked a deal with Fortis to be acquired by the latter for a consideration of approximately $11.3 billion (based on the Feb 8 closing price of ITC Holdings’ common shares).
Under the terms of the agreement, ITC shareholders are entitled to $22.57 in cash and 0.7520 of a Fortis common share for each ITC common share.
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