SCANA, Dominion shares post losses day after buyout announced

The day after a $14.6 billion buyout of S.C. utility giant SCANA was announced, shares in both the Cayce-based utility and its would-be acquirer, Dominion Energy, lost ground on the stock market.

SCANA shares were at a near low for the last 52 weeks on Tuesday, when the utility’s stock closed at $38.87 a share. By the time markets opened after Wednesday’s buyout announcement, the price had climbed to $49.18. On Thursday, SCANA shares trended up slightly for most of the day before starting a steady sell off at 2 p.m., closing at $46.33, down $1.32 for the day.

Shares in Dominion, the Richmond, Va.,-based company planning to buy SCANA, also were up for much of Thursday. However, about 2 p.m., they started selling off, closing at $76.83, a loss of 36 cents a share.

In after-hours trading, however, the price of SCANA stock increased by more than $1.

The deal calls for SCANA shareholders to receive 0.669 Dominion common shares for each SCANA share that they own.

Dominion valued the deal at $55.35 a share in Wednesday’s buyout announcement. However, Dominion’s lower price at Thursday’s market close would value it at just more than $51.

This story was originally published January 4, 2018 at 1:56 PM with the headline "SCANA, Dominion shares post losses day after buyout announced."