Central Vermont Public Service to Hold Teleconference for Investment Community to Discuss Acquisition Announcement
May 31 2011 - 8:30AM
Marketwired
Central Vermont Public Service (NYSE: CV) will hold a
teleconference this morning at 10:00 a.m. ET to discuss the
announcement on May 30, 2011 that it has entered into a definitive
agreement with Fortis Inc. for the purchase by Fortis of all of the
outstanding common shares of CVPS for an aggregate purchase price
of approximately $700 million (U.S.), including the assumption of
approximately $230 million (U.S.) of debt. The all-cash transaction
will provide CVPS shareholders $35.10 per share, a 44 percent
premium over the CVPS common share closing price of $24.32 on
Friday, May 27.
Interested parties may listen to the conference call live on the
Internet by selecting the "CVPS Acquisition Announcement" link on
the investor relations section of the company's website at
www.cvps.com. The dial-in number is: (Toll Free) 877-407-9205 or
(International) 201-689-8054. An audio archive of the call will be
available at approximately 2:00 p.m. EDT at the same location or by
dialing (Toll Free) 877-660-6853 or (International) 201-612-7415
and entering Account #: 286 and Conference ID #: 373669.
CVPS is Vermont's largest electric utility, serving
approximately 159,000 customers statewide. CVPS's non-regulated
subsidiary, Catamount Resources Corporation, sells and rents
electric water heaters through a subsidiary, SmartEnergy Water
Heating Services.
Forward-Looking Statements Statements
contained in this press release that are not historical fact are
forward-looking statements intended to qualify for the safe-harbors
from the liability established by the Private Securities Litigation
Reform Act of 1995. Statements made that are not historical facts
are forward-looking and, accordingly, involve estimates,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. Actual results will depend upon,
among other things, the actions of regulators, performance of the
Vermont Yankee nuclear power plant, effects of and changes in
weather and economic conditions, volatility in wholesale electric
markets and our ability to maintain our current credit ratings.
These and other risk factors are detailed in CV's Securities and
Exchange Commission filings. CV cannot predict the outcome of any
of these matters; accordingly, there can be no assurance that such
indicated results will be realized. Readers are cautioned not to
place undue reliance on these forward-looking statements that speak
only as of the date of this press release. CV does not undertake
any obligation to publicly release any revision to these
forward-looking statements to reflect events or circumstances after
the date of this press release.
Investor Relations Contact: Pamela Keefe (802) 747-5435
Media Contact: Steve Costello (802) 747-5427 (802) 742-3062
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