Printer Friendly

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS STATE CONFERENCE ENDORSES IPALCO'S BID TO ACQUIRE PSI

 INDIANAPOLIS, May 18 /PRNewswire/ -- IPALCO Enterprises announced today that it has the support of the State Conference of the International Brotherhood of Electrical Workers in its proposal to acquire PSI Resources, Inc.
 In a letter to John R. Hodowal, David Ruhmkorff, President of the Indiana State Conference of IBEW said that the Conference "overwhelmingly went on record to support the proposed merger of IPALCO and PSI Energy."
 Mr. Hodowal, chairman of IPALCO, said he was encouraged to receive the endorsement of the statewide organization of Indianapolis Power & Light Company's largest labor union and PSI Energy's only labor organization.
 "Over the years, we have stuck together with our friends in organized labor and we have always worked hard to achieve mutual benefits for our company as well as the unions. We are very pleased that the IBEW sees these relationships, which span many decades, to be as important as they are to us at IPALCO," Mr. Hodowal said.
 According to Joe Bailey, Business Manager for IBEW Local 1393 which represents 1766 PSI Energy employees, his local has added its support to the State Conference's endorsement of IPALCO. Indianapolis Power & Light Company's 1175 IBEW employees are members of Local 1395 which also joined in the endorsement of the IPALCO proposal to purchase PSI Resources.
 IPALCO Enterprises, Inc., is offering, upon the terms and subject to the conditions set forth in its prospectus dated April 21, 1993, and in the related Letter of Transmittal and Letter of Transmittal Supplement, to exchange $26.50 per share in cash for 10,754,717 shares of PSI Common Stock and .6906 shares (subject to adjustment) of IPALCO Common Stock for each remaining share of PSI Common Stock. The offer will expire at 12:00 midnight, New York City time, on June 18, 1993, unless extended by IPALCO. IPALCO may extend the offer by giving oral or written notice of such extension to the Exchange Agent. Any such extension will be followed as promptly as practicable by public announcement.
 -0- 5/18/93
 /CONTACT: Marni Lemons, 317-261-8219, or pager, 317-461-9578, or Susan Hanafee, 317-261-8763, both of IPALCO, or investor contacts, Tom Davies or Josh Pekarsky of Kekst and Company, 212-593-2655, for IPALCO/


(IPL)

CO: IPALCO Enterprises; International Brotherhood of Electrical ST: Indiana IN: UTI SU:

KD -- NY103 -- 9873 05/18/93 15:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 18, 1993
Words:387
Previous Article:CENTEX DECLARES QUARTERLY DIVIDEND
Next Article:WESTINGHOUSE COMPLETES SALE TO LW REAL ESTATE INVESTMENTS
Topics:


Related Articles
CUSTOMERS, INVESTORS TO SHARE EVENLY IN SAVINGS, SAYS IPALCO CHAIRMAN
IPALCO COMMENTS ON PSI'S STATEMENTS IN PRESS RELEASE ON FILING
IPALCO ENTERPRISES INCREASES OFFER TO PURCHASE PSI RESOURCES BY $1.50 IN CASH TO $28.00 TOTAL VALUE PER SHARE
INDIANAPOLIS POWER & LIGHT COMPANY REMOVED FROM RATING WATCH FAVORABLE/UNFAVORABLE; RATINGS REAFFIRMED BY DUFF & PHELPS
The name game.
FPL, International Brotherhood of Electrical Workers Agree On New Labor Contract
IPL and IBEW Local 1395 Enter Into Agreement.
Expert From the Job to Discuss Electricity Reliability.
AES to Acquire IPALCO; Adds 3,000 MW in the Midwest Market.
Bid for power: Detroit Electrical Services overcomes growing pains to snag larger contracts.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters