03:18 PM EDT, 03/12/2024 (MT Newswires) -- A former Tallgrass Energy (TGE) board member and four of his friends agreed to pay more than $2.2 million to settle insider trading charges related to a 2019 offer of Blackstone (BX) to acquire Tallgrass, the US Securities and Exchange Commission said Tuesday.

The SEC said the five individuals had purchased Tallgrass shares in advance of Blackstone's offer. Tallgrass shares rose by 36% following the announcement, it said.

Tallgrass did not immediately reply to a request for comment from MT Newswires. Blackstone declined to comment.

Price: 124.44, Change: -0.13, Percent Change: -0.10