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Stock Market & Financial Investment News

News Breaks
June 19, 2014
09:31 EDTCNLCleco hires Goldman to explore sale, The Street reports
After receiving buyer interest, Cleco (CNL) has retained Goldman Sachs (GS) to advise on a sale, The Street reports, citing two sources familiar with the matter. Cleco received an unsolicited bid from Canadian infrastructure group Borealis Infrastructure, The Street says. Reference Link
News For CNL From The Last 14 Days
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October 28, 2014
16:47 EDTCNLCleco sees FY15 CapEx approximately $157M
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16:46 EDTCNLCleco sees FY15 operating EPS $2.28-$2.38, consensus $2.70
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16:45 EDTCNLCleco reports Q3 EPS $1.17, consensus $1.17
Reports Q3 revenue $371.39M, consensus $340.54M.
October 20, 2014
16:57 EDTCNLCleco discloses termination fee $120M
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10:06 EDTCNLCleco downgraded to Market Perform from Outperform at Wells Fargo
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09:22 EDTCNLOn The Fly: Pre-market Movers
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05:56 EDTCNLCleco says transaction expected to have no impact on dividend
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05:55 EDTCNLCleco says Darren Olagues expected to succeed Williamson as CEO upon closing
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05:45 EDTCNLCleco to be acquired by investor group for $55.37 per share in cash
Cleco announced that it has entered into a definitive agreement to be acquired by a group of North American long-term infrastructure investors led by Macquarie Infrastructure and Real Assets, or MIRA, and British Columbia Investment Management Corporation, or bcIMC, together with John Hancock Financial and other infrastructure investors. The agreement values Cleco at approximately $4.7B, including approximately $1.3B of assumed debt. Under the terms of the agreement, the new owners will acquire all outstanding shares of Cleco Corporation for $55.37 per share in cash. The price represents approximately a 15% premium to Cleco's closing price of $48.27 on October 17, the last trading day prior to the announcement of the agreement. The transaction is expected to close in the second half of 2015. Following the close of the transaction, Cleco Power will continue to be regulated by the LPSC and FERC. The transaction will not affect residential or commercial rates for electricity. In addition, following the close of the transaction, Cleco will continue to operate as an independent company led by local management and will maintain its headquarters in Pineville, LA. Cleco's CEO, senior utility management, and leaders of corporate support functions will all be Louisiana residents as will at least four members of Cleco's board of directors, including its chair. Cleco and the new owners have made additional commitments to the LPSC including that no changes will be made to Cleco's operations, staffing levels, compensation levels or employee and retiree benefits programs as a result of the transaction.
05:42 EDTCNLCleco to be acquired by investor group for $55.37 per share in cash

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