Gas Natural announces end of 'go-shop' period under merger agreement
Gas Natural announced the expiration of the 42-day "go-shop" period pursuant to the terms of the previously announced definitive merger agreement under which First Reserve agreed to acquire all of the outstanding shares of Gas Natural common stock for $13.10 per share in cash. Pursuant to the terms of the Merger Agreement, beginning on October 10, 2016, and ending at 11:59 p.m. Eastern Time on November 22, 2016, Gas Natural and its authorized representatives, under the direction of Gas Natural's board, were permitted to actively initiate, solicit, and encourage, and to enter into negotiations and discussions with parties that offered, alternative proposals to acquire Gas Natural. During the "go-shop" period, representatives of Janney Montgomery Scott, financial advisor to the company's board, began the go-shop process by contacting a total of 78 potential acquirers, comprised of 62 strategic parties and 16 financial parties, which resulted in six parties negotiating and entering into confidentiality agreements with the company. None of the parties that signed a confidentiality agreement during the "go-shop" period was interested in pursuing an alternative transaction, as Gas Natural did not receive any binding proposals.