Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
MERGERS AND ACQUISITIONS
RICHARD KINDER GROUP TO BUY KINDER MORGAN FOR $13B Richard Kinder, co-founder, chairman, and chief executive officer of Kinder Morgan Incorporated, which operates about 43,000 miles of pipelines in America and Canada, is leading a group proposing to buy the company for $100 a share or about $13.4 billion.
The group includes a unit of investment bank Goldman Sachs Group, insurer American International Group, and buyout firms Carlyle Group and Riverstone Holdings LLC, according to a May 28 letter to Houston-based Kinder Morgan’s board and released yesterday by the company. Co-founder Bill Morgan, his son Mike Morgan, and director Fayez Sarofim are among the investors. The offer is 18.5% higher than the $84.41 closing price of Kinder Morgan shares on May 26. Kinder Morgan directors have formed a special committee to review the offer, the company said today in a statement. Kinder Morgan stock briefly exceeded $100 in January and is down 19% from that peak.
– Bloomberg News
