Summary
Duke Energy Corporation (DUK) has filed an 8-K report on October 3, 2016, to announce the completion of its acquisition of Piedmont Natural Gas Company, Inc. (Piedmont). The merger, effective on October 3, 2016, was executed through Duke Energy's wholly-owned subsidiary, Forest Subsidiary, Inc., with Piedmont continuing as the surviving entity and becoming a wholly-owned subsidiary of Duke Energy. This transaction represents a significant step in Duke Energy's strategy, integrating Piedmont's operations and customer base. The acquisition was structured as a cash-out merger, where Piedmont shareholders received $60.00 in cash for each share of Piedmont common stock. The filing also details adjustments to Piedmont's equity awards, converting them into cash payments or Duke Energy restricted stock units, and announces the appointment of a former Piedmont executive, Mr. Skains, to Duke Energy's Board of Directors and its committees.
Key Highlights
- 1Duke Energy has successfully completed the acquisition of Piedmont Natural Gas Company, Inc. (Piedmont) on October 3, 2016.
- 2Piedmont Natural Gas Company, Inc. is now a wholly-owned subsidiary of Duke Energy Corporation.
- 3Piedmont shareholders received $60.00 in cash per share for their common stock.
- 4Piedmont's equity awards were converted into cash payments or Duke Energy restricted stock units (RSUs).
- 5Mr. Skains, formerly of Piedmont, has been appointed to Duke Energy's Board of Directors and its Nuclear Oversight and Regulatory Policy and Operations Committees.
- 6The acquisition was conducted via a merger agreement dated October 24, 2015.
- 7A joint press release announcing the consummation of the merger was issued on October 3, 2016.