Group wants to buy energy company
HOUSTON – The Kinder in Kinder-Morgan wants to take the company private and has lined up some heavy financial hitters to help him, the company announced Monday.The company supplies energy to much of Eagle County and Western Colorado.Richard D. Kinder, chairman and CEO of Kinder Morgan, Inc. announced that he and co-founder Bill Morgan, along with other executives want to buy up all the company’s outstanding stock for $100 per share. According to paperwork filed with the Securitiies and Exchange Commission, Kinder would continue as chairman and CEO, and would reinvest all of his 24 million Kinder-Morgan shares. Kinder-Morgan management and the participating board members would invest almost $2.8 billion.Kinder-Morgan is worth about $13.4 billion, according to the SEC filing. With stock purchases and debt, the total value of the deal is in outstanding is approximately $22 billion.Goldman Sachs Credit Partners will help bankroll the deal and in a letter to the SEC says it is “highly confident” in the group’s ability to raise the money.Kinder Morgan was trading at $84.41 when the announcement was made.”We believe that our offer is fair and in the best interest of the Company and its public shareholders and that the shareholders will find our proposal attractive,” said Kinder.Company officials were not available for comment about whether the deal would increase utility bills.Vail, Colorado
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