AES Modifies Share Buy Back Condition in Grupo EDC Tender Offers.Business Editors/Hi-Tech Writers ARLINGTON, Va.--(BUSINESS WIRE)--June 1, 2000 The AES Corporation (NYSE NYSE See: New York Stock Exchange : AES) today announced that it had modified the condition in its tender offers for all outstanding shares and ADSs of C.A. La Electricidad de Caracas (BVC BVC Bar Vocational Course (UK) BVC Bolsa de Valores de Colombia (Colombia) BVC Bureau Veritas Certification BVC Banco Venezolano de Credito (Venezuela) : EDC EDC See: Export Development Corp. ; OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ELDAY) relating to the share buy back program announced by Grupo EDC. AES is offering to purchase all outstanding shares of Grupo EDC at US$0.57 per share and all outstanding American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADSs) at US$28.50 per ADS. The condition relating to EDC's share buy back program in each of the U.S. Offer and the Venezuelan Offer has been modified to read as follows: The Offer is conditioned upon, among other things, AES not having determined it is unable to participate in the EDC share buy back program in a meaningful manner as a shareholder of EDC following the purchase of shares and ADSs pursuant to the Offers. The U.S. Offer is scheduled to expire on Tuesday, June 6, 2000 at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time. The Venezuelan Offer was previously amended to extend until 12:00 midnight June 9, 2000, the time by which TIVENCA (the transfer agent for Grupo EDC) may transfer shares validly tendered into the name of Citibank, as trustee for the Venezuelan Offer, on the shareholder registry of Grupo EDC provided the letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. for such shares tendered is presented to Citibank prior to 12:00 midnight, June 6, 2000. Subject to the conditions of the Venezuelan Offer, AES will purchase all of the shares validly tendered and not withdrawn by 12:00 midnight on Tuesday, June 6, 2000, at US$0.57 per share, and will thereafter purchase all of the shares validly tendered and transferred to the name of Citibank, as trustee, of the Venezuelan Offer, on the shareholder registry of Grupo EDC on or before 12:00 midnight, June 9, 2000, so long as the letter of transmittal for such shares tendered is presented to Citibank prior to 12:00 midnight, June 6, 2000. AES is a leading global power company comprised of competitive generation and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Canada, China, Dominican Republic, El Salvador, Georgia, Hungary, India, Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, the United Kingdom and the United States. The company's generating assets include interests in one hundred and twenty-five facilities totaling over 44 gigawatts of capacity. AES' electricity distribution network has over 954,000 km of conductor and associated rights of way and sells over 114,000 gigawatt gig·a·watt n. Abbr. GW One billion (109) watts. hours per year to over 15 million end-use customers. In addition, through its various retail electricity supply businesses, the company sells electricity to over 154,000 end-use customers. AES is dedicated to providing electricity worldwide in a socially responsible way. For more general information visit our web site at www.aesc.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aesc.com. The list aes-pr-announce is an automated mailing list and can be found on the investing page of our web site. Those who subscribe to this list will receive updates when AES issues a press release. |
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