EnergySouth Shareholders Approve Acquisition by Sempra Energy
September 30 2008 - 4:18PM
Business Wire
EnergySouth, Inc. (NASDAQ: ENSI) today announced approval of the
acquisition of the company by San Diego, California based Sempra
Energy (NYSE: SRE) by a majority of its shareholders. Seventy-one
percent or 5,769,675 of the company�s 8,115,435 outstanding shares
voted in favor of the acquisition with two percent or 157,436
shares voting against. Less than one percent (.4%) or 32,120 of the
outstanding shares abstained. Of the outstanding shares voted,
ninety-seven percent voted in favor of the acquisition. �We�re
pleased to see this transaction move smoothly toward completion,�
said Dean Liollio, President and Chief Executive Officer of
EnergySouth, Inc. EnergySouth and Sempra Energy jointly announced a
definitive agreement to the acquisition deal in July of 2008.
�We�re also very proud of the accomplishments of the EnergySouth
family, its employees and shareholders,� said Liollio. Sempra
Energy will acquire all EnergySouth operations including the
company�s principal businesses, EnergySouth Midstream and Mobile
Gas. All regulatory approvals needed to close the acquisition deal
have been received. Company officials said the acquisition deal
will be completed on October 1, 2008. EnergySouth shareholders will
receive $61.50 per share in cash upon completion of the
acquisition. EnergySouth, Inc. is the parent company of a group of
energy related subsidiaries operating in the midstream and
distribution segments of the natural gas industry. The company�s
primary subsidiaries are EnergySouth Midstream and Mobile Gas
Service. EnergySouth Midstream is a midstream services company
operating Bay Gas Storage and Mississippi Hub. Mobile Gas Service
Corporation is a natural gas distribution company operating in
Mobile and Baldwin counties in southwest Alabama.
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