Fri, Feb. 27, 5:07 PM
Thu, Feb. 26, 5:35 PM
Oct. 28, 2014, 5:22 PM
Oct. 20, 2014, 9:21 AM
Oct. 20, 2014, 7:26 AM
- Cleco (NYSE:CNL) agrees to be acquired by an investor group led by Macquarie Infrastructure and Real Assets in a deal that values the utility holding company at ~$4.7B including assumed debt.
- The $55.37/share offer price represents a ~15% premium to CNL's Friday closing price.
- CNL will continue to operate as an independent company led by local management and will maintain its headquarters in Louisiana.
Sep. 25, 2014, 11:33 AM
- Cleco's (CNL -9.1%) attempt to find a buyer is faltering, as the likeliest suitor for the Louisiana utility struggles to drum up investor backing for the deal, according to a Bloomberg report.
- Australian bank Macquarie (OTC:MCQEF) reportedly has been seeking to acquire CNL through a special purpose fund managed by its infrastructure group, but the fund's co-investors have balked at the prospective low returns, a result of CNL's already high share price and low growth prospects.
- Iberdrola (OTCPK:IBDRY) is said to have dropped out of the bidding; an earlier report indicated CNL had been close to a deal to sell itself to the Spanish utility.
Sep. 8, 2014, 6:05 PM
- Cleco (NYSE:CNL) is nearing a deal to sell itself and has narrowed down the list of prospective buyers to Spanish power company Iberdrola (OTCPK:IBDRY, OTCPK:IBDSF) and Australian investment bank Macquarie (OTC:MCQEF), FT reports.
- Both bidders reportedly have discussed terms with CNL and a deal could be announced within weeks; a deal likely would fetch a premium to its market value, which now stands at $3.4B.
- The Louisiana electricity supplier has been the subject of takeover rumors since June, when it said it was exploring strategic options after receiving attention from Canada's Borealis (OTCPK:BOREF), which is no longer interested; CenterPoint Energy (NYSE:CNP) also is no longer involved in discussions.
Jul. 30, 2014, 6:11 PM
Jul. 30, 2014, 5:58 PM
- Cleco (NYSE:CNL) popped to a 3% gain just before the close after WSJ reported that Spanish power company Iberdrola (OTCPK:IBDRY, OTCPK:IBDSF) has emerged as a potential buyer.
- Iberdrola is among a small group of second-round bidders for Cleco, which supplies power to 280K-plus customers in Louisiana and Mississippi; other bidders are not known.
- Iberdrola USA supplies power to nearly 3M customers in eight states and owns more than 60 renewable energy projects in 24 states.
Jul. 29, 2014, 5:35 PM
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Jun. 20, 2014, 2:27 PM| 2 Comments
Jun. 19, 2014, 9:38 AM
- Cleco (CNL +5.9%) surges higher at the open as the Louisiana-based utility reportedly has retained Goldman Sachs to advise on a sale and will kick off the process later this week.
- CNL, with a $4.4B enterprise value, is said to have received an unsolicited bid from Canadian infrastructure group Borealis Infrastructure, and the board then voted to launch a process.
- CNL apparently is seeking $61-$62/share in a deal.
Apr. 28, 2014, 4:57 PM
Feb. 25, 2014, 5:39 PM| Comment!
Oct. 30, 2013, 6:09 PM
Aug. 1, 2013, 5:46 AM
CNL vs. ETF Alternatives
Cleco Corp is a public utility holding company that owns a vertically integrated electric utility, Cleco Power, which is engaged in the generation, transmission, distribution and sale of electricity in Louisiana.
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