BUZZ-Cleco Corp: Best day in 6 years

Mon Oct 20, 2014 10:09am EDT
 
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** Louisiana electricity supplier's shares up 10 pct at $53.22; their biggest intra-day percentage jump in six years

** Investor group led by Macquarie Infrastructure and Real Assets agrees to buy Louisiana electricity supplier Cleco Corp for about $4.7 billion, including $1.3 billion assumed debt

** Offer of $55.37 per share represents a premium of about 15 percent to Cleco's Friday close. Cleco Corp owns the regulated electric utility Cleco Power

** Deal to not affect residential or commercial rates for electricity. Shareholders will continue to receive dividends at an annual rate of $1.60 per share until closing

** Up to Friday's close, the company's shares had risen about 5 percent in the past 12 months