National Grid Rewards Shareholders After Gas Business Sale
We are reaffirming our GBX 1,020 per share ($63 per ADR share) fair value estimates for National Grid after the board of directors announced a GBX 84.375 per share special dividend ($5.4224 per ADR share), in part to return proceeds from the 61% interest in its gas distribution business that it sold in December. The company closed the sale on March 31.This is slightly lower than our forecast special dividend, but National Grid has been making share repurchases that bring its total return of cap...
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