ALBUQUERQUE, N.M., Feb. 12, 2021 /PRNewswire/ -- PNM Resources,
Inc. (NYSE: PNM) shareholders voted overwhelmingly to approve the
merger agreement with AVANGRID, Inc. at a special shareholders
meeting held earlier today. Under the terms of the proposed merger,
PNM Resources shareholders will receive $50.30 in cash for each share of PNM Resources
common stock held at closing.
"We are delighted by the overwhelming shareholder support of
this merger," said Pat
Vincent-Collawn, PNM Resources' chairman, president and CEO.
"We remain focused on the ultimate goal of this merger to provide
benefits to customers, employees and communities by advancing our
utilities into the clean energy future. We continue to move forward
on the remaining regulatory approvals in New Mexico and Texas, along with federal approvals, to
realize these benefits for our stakeholders."
Of the shares voted, approximately 93 percent voted to approve
the proposed merger agreement, reflecting approximately 70 percent
of shares issued and outstanding on the record date. PNM Resources
will report the final vote results in a Current Report on Form 8-K
to be filed with the Securities and Exchange Commission.
Clearances under the Hart-Scott-Rodino Act and the Committee on
Foreign Investment in the United
States (CFIUS) have already been received. Approvals
continue to be pursued from the Federal Communications Commission,
Nuclear Regulatory Commission, Federal Energy Regulatory
Commission, Public Utility Commission of Texas and New Mexico Public Regulation
Commission.
PNM Resources continues to anticipate that the closing of the
merger will occur in the second half of 2021, subject to the
satisfaction or waiver of the remaining customary conditions to
closing, including among other things, receipt of other required
state and federal regulatory approvals.
Background:
PNM Resources (NYSE: PNM) is an energy
holding company based in Albuquerque,
N.M., with 2020 consolidated operating revenues of
$1.5 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources provides electricity to
approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse
mix of generation and purchased power resources totaling 2.8
gigawatts of capacity, with a goal to achieve 100% emissions-free
energy by 2040. For more information, visit the company's website
at www.PNMResources.com.
CONTACTS:
|
|
|
Analysts
|
Media
|
|
Lisa
Goodman
|
Ray
Sandoval
|
|
(505)
241-2160
|
(505)
241-2782
|
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news
release for PNM Resources, Inc. ("PNMR"), Public Service Company of
New Mexico ("PNM"), or Texas-New
Mexico Power Company ("TNMP") (collectively, the "Company") that
relate to future events or expectations, projections, estimates,
intentions, goals, targets, and strategies are made pursuant to the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that all forward-looking statements are based upon
current expectations and estimates. PNMR, PNM, and TNMP assume no
obligation to update this information. Because actual results may
differ materially from those expressed or implied by these
forward-looking statements, PNMR, PNM, and TNMP caution readers not
to place undue reliance on these statements. PNMR's, PNM's, and
TNMP's business, financial condition, cash flow, and operating
results are influenced by many factors, which are often beyond
their control, that can cause actual results to differ from those
expressed or implied by the forward-looking statements.
Additionally, there are risks and uncertainties in connection with
the proposed acquisition of us by AVANGRID which may adversely
affect our business, future opportunities, employees and common
stock, including without limitation, (i) the expected timing and
likelihood of completion of the pending Merger, including the
timing, receipt and terms and conditions of any required
governmental and regulatory approvals of the pending Merger that
could reduce anticipated benefits or cause the parties to abandon
the transaction, (ii) the failure by AVANGRID to obtain the
necessary financing arrangement set forth in commitment letter
received in connection with the Merger, (iii) the occurrence of any
event, change or other circumstances that could give rise to the
termination of the Merger Agreement, (iv) the risk that the parties
may not be able to satisfy the conditions to the proposed Merger in
a timely manner or at all, , and (v) the risk that the proposed
transaction could have an adverse effect on the ability of PNMR to
retain and hire key personnel and maintain relationships with its
customers and suppliers, and on its operating results and
businesses generally. For a discussion of risk factors and other
important factors affecting forward-looking statements, please see
the Company's Form 10-K, Form 10-Q filings and the information
included in the Company's Forms 8-K with the Securities and
Exchange Commission, which factors are specifically incorporated by
reference
herein.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pnm-resources-shareholders-overwhelmingly-approve-merger-with-avangrid-301227706.html
SOURCE PNM Resources, Inc.