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MVC Capital, US Gas terminate merger with Equus Total Return

U.S. Gas & Electric Inc. and its controlling shareholder MVC Capital Inc. have terminated the merger plan and stock purchase agreement with Equus Total Return Inc., which had agreed to acquire the company.

U.S. Gas paid Equus a termination fee of $2.5 million.

U.S. Gas and MVC notified Equus that they had accepted a superior proposal from Crius Energy Trust. The original share exchange agreement will remain in effect.