Calpine Corporation Completes Tender Offer for Sheridan Energy, Inc.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Sept. 29, 1999-- Calpine Corporation (NYSE NYSE See: New York Stock Exchange :CPN CPN Communist Party of Nepal CPN Commercial Property News CPN Civic Practices Network CPN Calling Party Number CPN Community Psychiatric Nurse (UK) CPN Cisco Powered Network CPN Connaitre et Proteger la Nature ), a leading U.S. power company, announced today the expiration of the tender offer by its wholly-owned subsidiary, CPN Sheridan, Inc., for all outstanding shares of common stock of Sheridan Energy, Inc. (Nasdaq:SHDN) at a price of $5.50 per share. Calpine stated that, based on a preliminary count, approximately 6,340,722 Sheridan Energy shares (including approximately 291,385 shares subject to guarantees of delivery or receipt of additional documentation) were tendered pursuant to the offer that expired at 12:00 midnight New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time on Tuesday, September 28, 1999. All shares validly tendered (and not properly withdrawn) prior to the expiration have been accepted for payment and will be paid promptly. The shares tendered constitute approximately 94 percent of Sheridan Energy's presently outstanding shares. As previously announced, all Sheridan shares not tendered and purchased pursuant to the offer will be acquired in a second-step merger transaction at the same price of $5.50 per share. The merger of Sheridan Energy and CPN Sheridan, Inc. is expected to become effective on or about October 1, 1999, at which time Sheridan Energy will become a wholly-owned subsidiary of Calpine, and will be renamed Calpine Natural Gas Company. Sheridan is a natural gas exploration and production company with oil and gas properties located in northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern and the Gulf Coast region, including 148 billion cubic feet equivalent of proven reserves, of which 90 percent are natural gas. Calpine Corporation is national power company dedicated to providing customers with reliable and competitively priced electricity and thermal energy thermal energy Internal energy of a system in thermodynamic equilibrium (see thermodynamics) by virtue of its temperature. A hot body has more thermal energy than a similar cold body, but a large tub of cold water may have more thermal energy than a cup of boiling . Calpine currently has nearly 9,000 megawatts of capacity in operation, under construction or in announced development in 14 states -- enough energy to power approximately nine million households. Calpine has headquarters in San Jose, with regional offices in Houston, Texas; Pleasanton, Calif.; and Boston, Mass. The company was founded in 1984 and is publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CPN. To learn more about Calpine, visit its website at www.calpine.com |
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