Green MT Power (NYSE:GMP)
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Green Mountain Power Corporation (NYSE: GMP) shareholders on Tuesday
overwhelmingly approved a proposed agreement and plan of merger with
Northern New England Energy Corporation (NNEEC) and its wholly-owned
subsidiary Northstars Merger Subsidiary Corporation. The transaction is
expected to close during the second quarter of 2007, pending state and
federal regulatory approval.
“This transaction has clear benefits for our
customers, and, we believe, for the entire state of Vermont,”
said Chris Dutton, president and CEO of Green Mountain Power.
“As we seek energy sources to power Vermont’s
future, we recognize that we will have to compete in a volatile energy
market with large, sophisticated players. We believe our customers will
benefit from our new owner’s financial
strength and market depth when we negotiate new power contracts to
replace the expiring long-term contracts with Vermont Yankee and Hydro Québec.
In fact, immediately after the announcement of the acquisition, both S&P
and Moody’s credit rating agencies upgraded
the outlook on Green Mountain Power,” said
Mr. Dutton.
NNEEC is a Vermont corporation and a wholly-owned subsidiary of Gaz Métro
Limited Partnership (TSX-GZM.UN), a leading Québec
energy company with a long history of investment in Vermont. NNEEC has
been the parent company of Vermont Gas Systems since 1986.
“The Board of Directors of Green Mountain
Power approved this transaction because we believe it provides a fair
price to shareholders and will improve the financial strength of the
company,” said Nordahl Brue, chairman of
Green Mountain Power’s Board of Directors.
Mr. Dutton said that the transaction will provide further benefits to
customers through the creation of the Green Mountain Power Efficiency
Fund. “The new Efficiency Fund will provide
more than $9 million in benefits for Green Mountain Power customers,”
Mr. Dutton said. “It will invest in demand
side management and other innovative efficiency programs, including,
potentially, combined heat and power, district heating, distributed
generation and renewable generation.”
Green Mountain Power will continue to be managed by its current
leadership team and the Company will continue to operate out of its
existing offices in Vermont. Employees will be retained and the current
labor contract with IBEW Local 300 will continue in place. The Company
will remain under the jurisdiction of state and federal regulators.
More than 97 percent of the shareholders present or represented at a
special shareholders meeting voted for approval of the merger agreement.
The votes cast represented 72 percent of the total shares outstanding
and eligible to vote. Authorization of the agreement and plan of merger
required approval by a vote of a majority of the outstanding shares.
On June 22, 2006, Green Mountain Power Corporation and Northern New
England Energy Corporation announced a merger agreement whereby Green
Mountain Power would become a wholly-owned subsidiary of NNEEC in a cash
transaction valued at approximately $187 million, or $35 per share.
Gaz Métro is a major distributor of natural
gas in Québec and the northeastern United
States. In addition, the company operates businesses providing district
heating and urban water rehabilitation services in Québec
and Ontario. As of the end of 2005, Gaz Métro
had assets of more than $2.5 billion (Canadian). Gaz Métro
is also the parent company of Vermont Gas Systems, which has 115
Vermont-based employees. Gaz Métro currently
has a strong credit rating that, in recent years, has been higher
than Green Mountain Power’s current BBB
rating.
Green Mountain Power is a public utility operating company that
transmits, distributes and sells electricity and utility construction
services in the State of Vermont in a service territory with
approximately one quarter of Vermont’s
population. It serves approximately 90,000 customers.
Forward-looking Statements
This news release contains forward looking statements about Green
Mountain Power. Statements that are not historical or current facts,
including statements about beliefs and expectations are forward looking
statements. These statements often include the words “may,”
“could,” “would,”
“should,” “believes,”
“expects,” “anticipates,”
“estimates,” “intends,”
“plans,” “targets,”
“potentially,” “probably,”
“projects,” “outlook,”
or similar expressions. These forward-looking statements cover, among
other things, anticipated future plans and prospects of Green Mountain
Power. Forward-looking statements speak only as of the date they are
made, and Green Mountain Power undertakes no obligation to update them
in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties, and
many factors could cause actual results to differ materially from those
anticipated, including those described in the Annual Report on Form 10-K
for the year ended December 31, 2005, of Green Mountain Power, which you
should read carefully, as well as the company’s
other filings with the Securities and Exchange Commission (the “SEC”).
The following factors, among others, could cause actual results to
differ materially from the anticipated results or other expectations
expressed in the forward-looking statements: (1) the businesses of Green
Mountain Power and NNEEC’s subsidiary
Northstars Merger Subsidiary Corporation may not be combined
successfully, or such combination may take longer, be more difficult,
time-consuming or costly to accomplish than expected; and
(2) governmental approvals of the merger may not be obtained, or adverse
regulatory conditions may be imposed in connection with governmental
approvals of the merger.
Green Mountain Power Corporation (NYSE: GMP) shareholders on
Tuesday overwhelmingly approved a proposed agreement and plan of
merger with Northern New England Energy Corporation (NNEEC) and its
wholly-owned subsidiary Northstars Merger Subsidiary Corporation. The
transaction is expected to close during the second quarter of 2007,
pending state and federal regulatory approval.
"This transaction has clear benefits for our customers, and, we
believe, for the entire state of Vermont," said Chris Dutton,
president and CEO of Green Mountain Power.
"As we seek energy sources to power Vermont's future, we recognize
that we will have to compete in a volatile energy market with large,
sophisticated players. We believe our customers will benefit from our
new owner's financial strength and market depth when we negotiate new
power contracts to replace the expiring long-term contracts with
Vermont Yankee and Hydro Quebec. In fact, immediately after the
announcement of the acquisition, both S&P and Moody's credit rating
agencies upgraded the outlook on Green Mountain Power," said Mr.
Dutton.
NNEEC is a Vermont corporation and a wholly-owned subsidiary of
Gaz Metro Limited Partnership (TSX-GZM.UN), a leading Quebec energy
company with a long history of investment in Vermont. NNEEC has been
the parent company of Vermont Gas Systems since 1986.
"The Board of Directors of Green Mountain Power approved this
transaction because we believe it provides a fair price to
shareholders and will improve the financial strength of the company,"
said Nordahl Brue, chairman of Green Mountain Power's Board of
Directors.
Mr. Dutton said that the transaction will provide further benefits
to customers through the creation of the Green Mountain Power
Efficiency Fund. "The new Efficiency Fund will provide more than $9
million in benefits for Green Mountain Power customers," Mr. Dutton
said. "It will invest in demand side management and other innovative
efficiency programs, including, potentially, combined heat and power,
district heating, distributed generation and renewable generation."
Green Mountain Power will continue to be managed by its current
leadership team and the Company will continue to operate out of its
existing offices in Vermont. Employees will be retained and the
current labor contract with IBEW Local 300 will continue in place. The
Company will remain under the jurisdiction of state and federal
regulators.
More than 97 percent of the shareholders present or represented at
a special shareholders meeting voted for approval of the merger
agreement. The votes cast represented 72 percent of the total shares
outstanding and eligible to vote. Authorization of the agreement and
plan of merger required approval by a vote of a majority of the
outstanding shares.
On June 22, 2006, Green Mountain Power Corporation and Northern
New England Energy Corporation announced a merger agreement whereby
Green Mountain Power would become a wholly-owned subsidiary of NNEEC
in a cash transaction valued at approximately $187 million, or $35 per
share.
Gaz Metro is a major distributor of natural gas in Quebec and the
northeastern United States. In addition, the company operates
businesses providing district heating and urban water rehabilitation
services in Quebec and Ontario. As of the end of 2005, Gaz Metro had
assets of more than $2.5 billion (Canadian). Gaz Metro is also the
parent company of Vermont Gas Systems, which has 115 Vermont-based
employees. Gaz Metro currently has a strong credit rating that, in
recent years, has been higher than Green Mountain Power's current BBB
rating.
Green Mountain Power is a public utility operating company that
transmits, distributes and sells electricity and utility construction
services in the State of Vermont in a service territory with
approximately one quarter of Vermont's population. It serves
approximately 90,000 customers.
Forward-looking Statements
This news release contains forward looking statements about Green
Mountain Power. Statements that are not historical or current facts,
including statements about beliefs and expectations are forward
looking statements. These statements often include the words "may,"
"could," "would," "should," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," "potentially," "probably,"
"projects," "outlook," or similar expressions. These forward-looking
statements cover, among other things, anticipated future plans and
prospects of Green Mountain Power. Forward-looking statements speak
only as of the date they are made, and Green Mountain Power undertakes
no obligation to update them in light of new information or future
events.
Forward-looking statements involve inherent risks and
uncertainties, and many factors could cause actual results to differ
materially from those anticipated, including those described in the
Annual Report on Form 10-K for the year ended December 31, 2005, of
Green Mountain Power, which you should read carefully, as well as the
company's other filings with the Securities and Exchange Commission
(the "SEC"). The following factors, among others, could cause actual
results to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
businesses of Green Mountain Power and NNEEC's subsidiary Northstars
Merger Subsidiary Corporation may not be combined successfully, or
such combination may take longer, be more difficult, time-consuming or
costly to accomplish than expected; and (2) governmental approvals of
the merger may not be obtained, or adverse regulatory conditions may
be imposed in connection with governmental approvals of the merger.