American States Water Company Announces Acquisition of Water System in Los Angeles County.SAN DIMAS, Calif.--(BUSINESS WIRE)--Dec. 14, 1999-- American States Water Company (NYSE NYSE See: New York Stock Exchange :AWR AWR Automatic Workload Repository (Oracle database) AWR Applied Wave Research (El Segundo, CA) AWR Adventist World Radio AWR Advanced Warranty Replacement AWR American Warmblood Registry ) announced today that it had entered into an agreement to acquire Peerless Water Co., a privately held water company located in Bellflower, California Bellflower is a city in Los Angeles County, California, United States. It was incorporated on September 3, 1957. As of the 2000 census, the city had a total population of 72,878. , in exchange for Common Shares of the Company. The purchase price will be payable in three installments, 80% at the closing and 10% on the first and second anniversary dates thereafter. The number of Common Shares to be issued will be determined at the closing, but will in no event be greater than 131,036 shares nor less than 107,538 shares, plus cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of payment of fractional shares. Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Water Company, the principal subsidiary of American States, has also agreed to purchase certain real property used in Peerless' business from one of the two shareholders of Peerless for $104,400 in cash. Consummation of the transaction is subject to approval of the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, and other conditions customary in transactions of this type. The approval of American States' shareholders is not required. "We believe that this is a win-win situation for the shareholders and customers of both companies," said Floyd Wicks, President and Chief Executive Officer of the Company. The acquisition furthers the goals of the California Public Utilities Commission and the State Legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: American States Water Company is a holding company that, through Southern California Water Company, provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California. The Company also distributes electricity to approximately 20,000 customers in the Big Bear recreational area of California. Peerless provides water service to approximately 1,900 customers in the City of Bellflower, California. |
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