The board of Alberta Natural Gas
26 February 1996 00:00 [Source: ICB]
The board of Alberta Natural Gas (ANG) is recommending takeover by TransCanada PipeLines, after the latter raised its offer 50 cents to Can26.25/share. ANG has about 25.9m shares outstanding; TCPL already owns 49.5% of them. The offer expires 7 March. ANG recently reported Can$48.8m ($35.3m) profit on revenue of Can$665.4m for the year ended 31 December. About a quarter of the company's operating income comes from its speciality chemicals business, mainly nitroparaffins, produced by its subsidiary Angus Chemical Co in the US.
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