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HOUSTON (AP) - Kinder Morgan Inc. said Monday its board of directors approved a $15 billion buyout plan from the pipeline operator's management to take the company private at a higher per-share price than announced three months ago. The company's shares soared to a new 52-week high.
Under terms of the deal, a management-led investment group would pay Kinder Morgan shareholders $107.50 for each share of common stock they hold — a 7.5 percent jump over the original buyout price of $100 per share, the Houston-based company said.
Kinder Morgan shares rose as high as $104.50 a share — surpassing the 52-week range of $81 to $103.75 — before closing at $104.27, up $2.57, or 2.5 percent.
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