AGL Resources Inc. (less than 0.1% of net assets as of December 31, 2015) (AGL – $63.81 – NYSE) (AGL), based in Atlanta, Georgia, is an energy services holding company with operations in natural gas distribution, retail operations, wholesale services, and midstream operations. On August 24, 2015, Southern Company announced it would acquire AGL for $66 in cash per share, or $12 billion. The transaction would create the second largest utility company by customer base in the U.S. Subject to regulatory and shareholder approvals, the deal is expected to close in the second half of 2016.
From Mario Gabelli (Trades, Portfolio)'s ABC Fund Merger and Arbitrage shareholder letter for the fourth quarter 2015.
