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Article: CG&E STRONGLY URGES PSI SHAREHOLDERS TO REJECT HOSTILE BID BY IPALCO
- Article from:
- PR Newswire
- Article date:
- May 13, 1993
CopyrightCOPYRIGHT 1993 PR Newswire Association LLC. 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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CINCINNATI, May 13 /PRNewswire/ -- The Cincinnati Gas & Electric Co. (NYSE: CIN) today urged shareholders of PSI Resources, Inc. (NYSE: PIN) to reject the tender offer by IPALCO Enterprises, Inc. (NYSE: IPL) for PSI.
In a letter mailed to all PSI shareholders, Jackson H. Randolph, president and chief executive officer of CG&E, said, "CG&E strongly recommends that PSI shareholders reject this unsolicited, hostile offer."
Randolph noted that the IPALCO offer is conditioned upon a regulatory plan to recover through consumer rates approximately $4 billion of acquisition cost over 40 years.
"We strongly believe this is a condition which will not be met. If IPALCO ...