CVPS Announces Final Results of Tender Offer
April 12 2006 - 5:38PM
Business Wire
Central Vermont Public Service Corp. (NYSE-CV) today announced that
based on the final results of its offer to purchase up to 2,250,000
shares of its outstanding common stock at a price not greater than
$22.50 and not less than $20.50 per share, which expired on April
5, 2006, it is purchasing 2,250,000 shares at $22.50 per share.
Based on the final count by the depositary for the tender offer,
2,348,658 shares of common stock were properly tendered and not
withdrawn at or below a price of $22.50 per share. Because the
number of shares tendered at or below $22.50 per share exceeds the
2,250,000 shares the Company offered to purchase, CVPS has been
informed by the depositary for the tender offer that the final
proration factor for the tender offer is 95.7 percent, except that
all the shares tendered from holders of less than 100 shares ("odd
lots") will be purchased without proration. All shares tendered and
delivered at prices at or below $22.50 which were not purchased
after the application of the proration factor, a combined total of
98,658 shares, will be returned promptly to shareholders by the
depositary. "Through the tender offer and repurchase, CVPS will
return cash to stockholders who participated, rewarding their
investment in the company, while increasing non-tendering
stockholders' proportional interest in CVPS," CVPS President Bob
Young said. Payment for the shares accepted for purchase will be
done promptly by the depositary. As a result of completing the
tender offer, CVPS has 10,051,915 shares of common stock
outstanding. The depositary for the tender offer is American Stock
Transfer & Trust Company. For questions and information, please
contact the information agent for the tender offer, Morrow &
Co., Inc., by calling (800) 607-0088. CVPS, founded in 1929, is
Vermont's largest electric utility, serving more than 151,000
customers.
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