Columbia Energy battle going down to the wire.(Business)

0 Comments | Washington Times, The, October, 1999 | by Marco, Donna De

The deadline for NiSource's possible hostile takeover of Herndon-based Columbia Energy Group is tomorrow, and analysts say anything could happen. The companies have been battling since June, when NiSource made its offer and Columbia refused it. In August, NiSource, an Indiana natural gas and electric power supplier, extended its $5.7 billion bid to Oct.

15 after the company received tender offers for 60 percent of Columbia's outstanding shares. NiSource was offering $68 per share. With 85 percent of Columbia's shares, NiSource could vote in a new board of directors favorable to the merger and essentially take over the company. Analyst Donato J. Eassey, who covers Columbia for Merrill Lynch Global Securities, said NiSource could step away...