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News Breaks
June 23, 2014
08:18 EDTCNLCleco confirms receipt of indications of interest
Cleco announced that it has recently received indications of interest from third parties with respect to a strategic transaction. Cleco has retained Goldman Sachs and Tudor, Pickering, Holt as its financial advisors, and Locke Lord as its legal advisor, to assist the board in reviewing and evaluating any proposals and comparing any such proposals to Cleco's standalone strategic plan. The independent members of Cleco's board have also retained Hunton & Williams as legal counsel. Consistent with the board's fiduciary duties, the company will work with its financial and legal advisors to consider and evaluate these indications of interest and other potential opportunities in comparison to the Company's long-term strategic plan. The company has not established a definitive timeline to complete this review and no decision has been reached at this time. There can be no assurance that the review being undertaken will result in a merger or business combination, or a path different from the company's current strategic plan. The company does not intend to make any further announcements regarding the review unless and until the board has approved a specific transaction or other course of action requiring disclosure.
News For CNL From The Last 14 Days
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September 26, 2014
07:24 EDTCNLCleco still likely to be sold, says Wells Fargo
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September 25, 2014
12:33 EDTCNLCleco slide on Bloomberg report an overreaction, says Wells Fargo
Wells Fargo views the pullback in shares of Cleco after Bloomberg reported, citing sources, that its sales process is encountering problems as an overreaction. The firm continue to think there are a number of infrastructure firms, as well as strategic buyers, that may step in if the leading bidders back off and it keeps its Outperform rating on the stock.
12:17 EDTCNLOn The Fly: Midday Wrap
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11:50 EDTCNLCleco sale process faltering, Iberdrola drops out, Bloomberg reports
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10:47 EDTCNLCleco drops 8% to $49 after Bloomberg report on sale process faltering
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10:46 EDTCNLCleco sale process faltering, Iberdrola drops out of bidding, Bloomberg says
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