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pounds 1.3bn US bid for East Midlands
- Article from:
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The Independent - London
- Article date:
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November 11, 1996
- Author:
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Copyright informationCopyright 1996 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Dominion Resources, the US electricity and gas company, is
expected to launch a formal pounds 1.3bn takeover bid for East
Midlands Electricity this morning.
Last night Dominion's UK advisers, investment bankers SBC
Warburg, were believed to be putting together the finishing touches
to the offer with their US counterparts, buyout specialists
Wasserstein Perella.
The bid will probably value East Midlands shares at between 630p
and 650p, giving a price range of pounds 1.25bn to pounds 1.3bn.
The shares closed on Friday at 593.5p.
The takeover bid will be the second by a US company for a
privatised regional electricity company in the space of two weeks.
Northern Electric isfighting a pounds 766m ...