Printer Friendly

CG&E SAYS CINERGY IS THE ONLY REAL OFFER FOR PSI

 CINCINNATI, Aug. 18 /PRNewswire/-- The Cincinnati Gas & Electric Company (NYSE: CIN) said today that its merger with PSI Resources, Inc. remains the only real offer, despite IPALCO Enterprises, Inc. once again changing its illusory hostile bid for PSI.
 "When we announced the new exchange ratio which increased our offer for PSI to more than $28 per share contingent on the election of PSI nominees to the board of directors, we made it clear that this was our last and best offer. We have no intention of changing it," said Jackson H. Randolph, chairman, president and chief executive officer of CG&E. "We remain convinced that our offer is the best for PSI shareholders, and the recent approval of the Federal Energy Regulatory Commission of our merger should sent a strong signal that we are well on the way to the creation of CINergy Corp.
 "PSI shareholders have a clear choice to make -- our firm offer with significant upside potential and a major regulatory hurdle cleared, or IPALCO's promises that can never be fulfilled," he added. The revised exchange ratio for PSI shares in the CINergy merger carries a potential value of at least $30.69 per equivalent share if CG&E's market price reaches or exceeds $30. This is higher than IPALCO's offer.
 Randolph noted, "It is easy for IPALCO to raise their offer since they intend to make customers pay for it in their rates. We don't believe PSI shareholders will ever see a nickel of what IPALCO is offering today because it is contingent on the approval of their so- called regulatory plan, which will not happen. In order to avoid derailing the CINergy merger, PSI shareholders must vote for the PSI nominees for the board or there may be no one there when the IPALCO plan fails."
 -0- 8/18/93R
 /CONTACT: Steven Brash, 513-287-2226, or home, 513-231-6895, or (analysts) James Mosley, 513-287-2367, or William Sheafer, 513-287-3852, all of CG&E/
 (CIN)


CO: Cincinnati Gas & Electric Company; PSI Resources, Inc. ST: Ohio IN: UTI SU: TNM

MP -- NY087R -- 4125 08/18/93 18:44 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:Aug 18, 1993
Words:348
Previous Article:HYPERION: PEROT CALLS FOR DEFEAT ON NAFTA IN NEW BOOK
Next Article:EDISON BROTHERS STORES, INC. DECLARES DIVIDEND
Topics:

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