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Article: PNM Resources to Purchase TNP Enterprises for $189 Million, Plus Debt and Preferred Stock.
- Article from:
- Business Wire
- Article date:
- July 25, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ALBUQUERQUE, N.M. -- Accretive To PNM Resources' Earnings Per Share And Cash Flow In First Full Year; Company Believes Credit Ratings To Be Maintained
PNM Resources (NYSE:PNM) and TNP Enterprises, Inc. ("TNP Enterprises") announced today a definitive agreement under which PNM Resources will acquire all the outstanding common shares of TNP Enterprises for approximately $189 million comprised of equal amounts of PNM Resources common stock and cash. PNM Resources will also assume approximately $835 million of TNP Enterprises' net debt and senior redeemable cumulative preferred stock ("preferred securities"). PNM Resources' board of directors unanimously approved ...