Why Tallgrass Energy's Stock Is Taking Flight Today
Shares of Tallgrass Energy (NYSE: TGE) surged more than 20% by 11:15 p.m. EST on Tuesday. Driving the energy stock's rally was a sweetened offer to take it private.
Last August, private equity giant Blackstone Group (NYSE: BX) offered to acquire all the outstanding shares of Tallgrass Energy that it didn't already own for $19.50 apiece. That implied a nearly 36% premium to the company's closing price the day before and 12% above where shares had traded over the previous 30 days.
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Source Fool.com