Why Tallgrass Energy Stock Is Soaring Today

Shares of Tallgrass Energy (NYSE: TGE) rocketed nearly 35% by 10:15 a.m. EDT on Wednesday. Fueling the pipeline company's rally was a proposal by private equity giant Blackstone (NYSE: BX) to take it private.

Blackstone has offered to acquire all the shares of Tallgrass Energy that it doesn't currently own for $19.50 apiece. That price implies a nearly 36% premium to yesterday's closing price. The deal would give Blackstone and its partners full control over Tallgrass Energy.

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Source Fool.com