DPL Inc. Announces Final Results of Self-Tender Offer.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--March 14, 2000 DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) today announced the final results of its Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. self-tender offer. Based on the final count by EquiServe, Inc., the depositary for the offer, DPL accepted for purchase 25 million shares, or 16% of its common stock, at a price of $23.00 per share. According to the depositary, approximately 28 million shares, or 18% of its outstanding shares, were properly tendered and not withdrawn at prices at or below $23.00 per share. Therefore, the buyback was prorated and DPL has been informed by the depositary that the final proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor for the offer is 91.3%. DPL commenced the self-tender offer for up to 25 million shares of its common stock on February 2, 2000, and the offer expired 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, on Friday, March 3, 2000. Payment for the shares accepted in the offer and return of the shares not accepted for purchase will be made promptly by EquiServe, Inc. Following the purchase of the shares through the tender offer, DPL has approximately 133 million shares of common stock outstanding. Funding for the stock repurchase was obtained in part from a $550 million investment from Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co., which closed on March 13, 2000, and $425 million from the sale of 8.25% Senior Notes due 2007, which closed on February 24, 2000. As noted in DPL's Offer to Purchase, the Company may in the future purchase up to 6.6 million additional shares. The method, timing and financing of such purchases have not yet been decided. The dealer manager for the offer was Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . The information agent was Georgeson Shareholder Communications Inc. This report contains certain forward-looking statements regarding plans and expectations for the future. Investors are cautioned that actual outcomes and results may vary materially from those projected due to various factors beyond the Company's control. These risks and uncertainties are further discussed in the Company's Form 10-K for the fiscal year ended December 31, 1999, which has been filed with the Securities and Exchange Commission and is available through the EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. system without charge at its website, www.sec.gov. DPL is a diversified energy company supplying energy and energy services to customers in the Midwest through its subsidiaries, The Dayton Power and Light Company and DPL Energy. Dayton Power and Light Company is a diversified energy company, generating electricity for over 500,000 retail customers and distributing natural gas to more than 300,000 customers in Ohio. |
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