TransCanada Breached Duties in $13 Billion Columbia Merger (1)

TransCanada is liable to investors for allowing certain fiduciary breaches to occur during the $13 billion merger with Columbia Pipeline Group Inc., a Delaware Chancery judge held Friday.

The company, which became TC Energy Corp. in 2019, participated in the breaches that took place during the sale process and allowed two Columbia executives to issue a proxy statement that failed to disclose interactions with it, and that those interactions violated the standstill, Vice Chancellor James Travis Laster held.

The plaintiffs are awarded sale process damages of $1 per share based on a renegged-upon $26 per share deal and disclosure ...