Columbia Energy Group Receives Unsolicited Proposal From NiSource, Inc.HERNDON, Va.--(BUSINESS WIRE)--June 7, 1999-- Columbia Energy Group today confirmed that it has received an unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective proposal from NiSource, Inc. which contemplates a merger transaction whereby NiSource would acquire all of Columbia's outstanding common stock for $68 per share in cash. Oliver G. Richard III Richard III, 1452–85, king of England (1483–85), younger brother of Edward IV. Created duke of Gloucester at Edward's coronation (1461), he served his brother faithfully during Edward's lifetime—fighting at Barnet and Tewkesbury and later invading , Columbia's chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , responded to a letter from Gary L. Neale, chairman, president and CEO of NiSource, in the following letter sent today: Dear Gary: I am in receipt of your letter dated June 7, 1999. As we have communicated to you previously, Columbia Energy Group is not for sale and is not interested in any merger transaction in which another company acquires control of Columbia. Our return to shareholders over the last three years supports our belief that the best long-term interest of Columbia and its shareholders is for Columbia to remain an independent company free to implement over time its strategic business plan. Nevertheless, in light of the formal nature of the offer set forth in your letter, your offer will be considered by our Board of Directors. After the consideration of your offer by our Board, we will advise you of the Board's conclusions. Sincerely, Oliver G. Richard III Columbia Energy Group, based in Herndon, Va., is one of the nation's leading energy services companies, with 1998 revenues of nearly $6.6 billion and assets of about $7 billion. Its operating companies operating company A business that engages in transactions with outsiders. engage in all phases of the natural gas business, including exploration and production, transmission, storage and distribution, as well as commodities marketing, energy management, propane propane, CH3CH2CH3, colorless, gaseous alkane. It is readily liquefied by compression and cooling. It melts at −189.9°C; and boils at −42.2°C;. sales and electric power generation, sales and trading. Columbia companies serve customers in 34 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). ; over 60 percent of America's gas and electric revenue is derived in and around its principal operating region. Information about Columbia Energy Group (NYSE NYSE See: New York Stock Exchange :CG) is available on the Internet at www.columbiaenergygroup.com. |
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