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IPALCO WILL RECOMMEND TERMINATION OF EXCHANGE OFFER IF NOMINEES NOT ELECTED

 INDIANAPOLIS, Aug. 20 /PRNewswire/ -- John R. Hodowal, chairman and chief executive officer of IPALCO Enterprises, Inc. (NYSE: IPL), stated today: "We are disappointed at PSI's announcement today that PSI has once again rejected our superior offer. This action proves that the current PSI board of directors has never seriously considered our offer and never will, which of course underscores the importance of the shareholder vote at the PSI annual meeting of shareholders on Monday, August 23.
 The election of IPALCO's director nominees to the PSI board is critical to the success of our offer to acquire PSI. Not only would the election represent a show of support for our offer, but the presence of our nominees on the PSI board is the only way our offer will ever receive a fair hearing by PSI.
 "If IPALCO's nominees are not elected, IPALCO's management will recommend to the IPALCO board of directors that IPALCO terminate its exchange offer to acquire PSI," Hodowal said.
 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 midnight, New York City time, on Aug. 31, 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. IPALCO is amending its Offer (subject to a post-effective amendment to the registration statement relating to the offer being declared effective by the Securities and Exchange Commission) so as to offer to exchange $30.50 per share for 14,590,164 shares of PSI common stock and .8414 shares (subject to adjustment) of IPALCO common stock for each remaining share of PSI common stock.
 -0- 8/20/93
 /CONTACT: Susan Hanafee, 317-261-8763, or Marni Lemons, 317-261-8219, both of IPALCO Enterprises, or (investors) Lissa Perlman or Tom Davies, 212-593-2655, of Kekst and Company/
 (IPL PIN)


CO: IPALCO Enterprises, Inc.; PSI Resources ST: Indiana, Ohio IN: UTI SU:

TS -- NY032 -- 8702 08/20/93 13:28 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
Words:394
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