From Crain’s Chicago Business | Naperville-based natural gas utility Nicor Inc. has granted CEO Russ Strobel 16,020 shares of restricted stock per a long-term incentive plan, but Mr. Strobel will be able to cash them within months. The shares will be convertible to cash immediately when Nicor’s $2.4-billion sale to AGL Resources Inc. closes later this year.
Nicor
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Nicor to be sold to AGL for $2.4B
Nicor's Naperville headquarters. (Tribune file photo)
Tuesday’s announcement that AGL Resources would acquire Naperville-based Nicor Inc. for $2.4 billion would put AGL in an envious position if energy policy moves to replace coal with natural gas — with a natural gas distribution system that would stretch from Chicago to the east coast and a bevy of natural gas storage facilities around the country.
The deal — which is subject to several layers of regulatory approval — would create the natural gas industry’s largest public company by market cap. Together, the companies would have annual revenues of $5.1 billion, according to a statement and carry a market cap that is nearly twice the size of its nearest peer in a deal expected to close in the second half of 2011. Get the full story »
Nicor shares rise on news of possible acquisition
Nicor Inc.’s stock price rose 4.24 percent to $46.76 today on reports that the Naperville energy company is set to announce a deal to be acquired by Atlanta-based AGL Resources.
The company has been shopping itself for months, courting regulated utilities and infrastructure funds with little success. Speculation arose last week that Integrys Energy Group Inc., parent of People’s Gas, was a considering a bid. AGL surfaced as Nicor’s likely buyer Monday in a report by Mergermarket, which tracks such deals and cited sources close to the situation. Get the full story »
Integrys said to be considering bid for Nicor
From Crain’s Chicago Business | Peoples Gas parent Integrys Energy Group Inc., which owns utilities in Wisconsin, Minnesota and Michigan,parent of Peoples Gas, is considering a bid for Naperville natural-gas utility Nicor Inc. At least one out-of-state utility and possibly a private-equity firm are also kicking Nicor’s tires. Get the full story>>
Nicor has been looking for a buyer for 2 months
Nicor Inc. is seeking a buyer and has hired JPMorgan Chase & Co. to run the auction, Bloomberg News reported Thursday, citing people with knowledge of the matter. Get the full story »
Nicor profit flat, misses on tropical shipping decline
Nicor Inc.’s third-quarter earnings were flat as stronger results at the natural-gas company’s distribution business were offset by a decline at its shipping segment. Profit missed analysts’ expectations and Nicor cut its 2010 target to $3 to $3.10 a share from $3.10 to $3.30, mainly owing to lower-than-expected earnings at its shipping business. Get the full story »
Nicor profit up 5.7% despite declining demand
Nicor Inc.’s second-quarter earnings rose 5.7 percent as the natural-gas company continued to see strong results at its distribution business and benefits from prior cost cutting, though demand continued to decline. Still, results beat analysts’ expectations. Get the full story »
