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Article: Alaska Power Association Tries to Stall Takeover.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 6, 1998
- Author:
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. 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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Knight Ridder/Tribune Business News
Nov. 6--Chugach Electric Association on Thursday asked its biggest customer to back off on a hostile takeover bid until the Anchorage power company has more time to assess the proposal.
The customer, Palmer-based Matanuska Electric Association, has started a petition drive to let the Chugach members decide on whether the takeover should occur.
MEA said the Chugach board has been slow to bring the takeover proposal to its members.
"In hindsight, it was naive of us to think CEA's senior management and board would voluntarily cooperate in an action that could cause them to lose their jobs," said Wayne ...