Cinergy and GPU commit to acquire British electric company.CINCINNATI--(BUSINESS WIRE)--June 6, 1996--Cinergy Corp. and General Public Utilities Corp. announced today that their joint partnership, Avon Energy Partners plc, has declared wholly unconditional its offer to purchase the shares of Midlands Electricity The Midlands Electricity Board was formed in 1947, under the Electricity Act of that year. The counterpart of the East Midlands board, it served southern, and western parts of Warwickshire, as well as the counties of Worcestershire, Herefordshire, Shropshire, and Staffordshire, as plc in the United Kingdom and thereby is committed to purchase all outstanding Midlands shares. Yesterday, the UK's president of the Board of Trade cleared the Avon Energy bid for Midlands, a regional electric company headquartered in Birmingham, England, to proceed. Avon Energy has provided assurances to the president regarding regulatory issues satisfying any concerns about the bid. James R. Leva, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. and chairman of Avon Energy, said, "We are pleased that the president of the Board of Trade found that there were no anti-competitive concerns with our offer." James E. Rogers, vice chairman, president and CEO of Cinergy and vice chairman of Avon Energy, said, "We now own or have received acceptances by shareholders totaling 77.65% of Midlands shares and are very pleased that we are moving forward to complete the transaction so expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex ." The companies announced on May 7, 1996 that they had reached an agreement with the Midlands board of directors for a recommended offer valued at $2.59 billion. Midlands serves 2.2 million customers in an area with a total population of five million. -0- The Offer to Purchase shares of Midlands Electricity plc will not be made, directly or indirectly, in or into, or by use of the mails or by any other means or instrumentality Instrumentality Notes issued by a federal agency whose obligations are guaranteed by the full-faith-and-credit of the government, even though the agency's responsibilities are not necessarily those of the US government. (including without limitation, facsimile transmissions, telex or telephone) of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and will not be capable of acceptance by any such use, means, instrumentality or facilities within the United States. Nothing herein shall be deemed to constitute an offer to purchase shares of Midlands Electricity plc from persons in the United States. CONTACT: Cinergy Corp. News contact: Steve Brash brash (brash) heartburn. water brash heartburn with regurgitation of sour fluid or almost tasteless saliva into the mouth. , 513/287-2226 (w) 513/231-6895 (h) Angeline Protogere, 317/838-1338 (w) 317/298-3090 (h) Investor contact: Renae Conley, 513/287-4009 Felicia Ramstein, 513/287-4348 or GPU John T. Fidler, 201/263-6479 |
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