CONSOL Energy Inc. (CNX) announced that it has entered into deal with T. Rowe Price Associates, Inc., on behalf of its investment advisory clients owning about 9.5 million shares of CNX Gas Corp. (CXG) common stock.
Under deal, CONSOL Energy has agreed to begin tender offer by May 5, 2010 to buy all common shares of CNX Gas that it does not currently own at $38.25, in cash, per share. Pursuant to deal, T. Rowe Price has agreed to tender CNX Gas common shares that its investment advisory clients own into the offer.
CONSOL Energy sees financing the acquisition of CNX Gas shares by means of mixture of internally generated funds, borrowings under its credit facilities, offerings of securities.
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