UIL Holdings Raises Offer Price To Buy $3.125 Par Preferred Stock Of CNG

(RTTNews) - UIL Holdings Corp. (UIL) Wednesday said its wholly-owned subsidiary, CTG Resources, Inc., has extended its cash tender offer for all issued and outstanding shares of the $3.125 par preferred stock of its subsidiary, Connecticut Natural Gas Corporation or CNG, and has increased the price from $7.50 per share to $10.25 per share.

The tender offer, which had previously been extended and was scheduled to expire on April 8, has been extended and will now expire on May 6.

As of April 8, around 38,953 shares of the preferred stock, representing 35.83 percent of outstanding shares, had been validly tendered and not withdrawn.

The $10.25 offer price is subject to the condition that at least 66 2/3 percent of the preferred shares are tendered by the expiration date and if less than 66 2/3 percent of shares are tendered, the validly tendered shares will be purchased at the original offer price of $7.50 per share unless properly withdrawn.