Business
Emera to Acquire Maine & Maritimes Corporation
Emera to Acquire Maine & Maritimes Corporation
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX,and PRESQUE ISLE, ME, Mar. 12, 2010 (Canada NewsWire Group) -- /CNW/ -- Maine & Maritimes Corporation (NYSE Amex: MAM) and Emera Inc. announced today that MAM has entered into a merger agreement with BHE Holdings Inc. of Bangor, ME (BHE), a subsidiary of Emera Inc. (EMA:TSX). Under the terms of the agreement, all outstanding shares of MAM common stock will be purchased for US$45.00 per share in cash, representing over a 40 percent premium based on MAM's closing share price on Thursday, March 11, 2010, the last trading day prior to the announcement of the proposed merger and MAM will become a wholly owned subsidiary of Emera.The transaction has been approved by the MAM Board of Directors, and is expected to close later this year, subject to approval by MAM's shareholders and certain regulatory approvals, including the Maine Public Utilities Commission and the Federal Energy Regulatory Commission, as well as other customary closing conditions. Regulatory approvals are estimated to take 6-8 months. MAM shareholders will receive proxy materials soliciting their approval for the transaction.\"We look forward to serving the customers of Northern Maine and building on the strong community reputation established by Maine Public Service Company,\" said Chris Huskilson, President and CEO, Emera Inc. \"Maine plays an important role in the Maritime and New England energy market. This merger is an important next step in Emera's strategy of growth and integration within the Northeast market, by geographically expanding our service territory in Maine to the New Brunswick market.\"According to Brent M. Boyles, President and CEO of Maine & Maritimes Corporation, \"This transaction will be very advantageous for our shareholders and electricity customers. Becoming part of Emera strengthens our company financially and enables us to improve reliability and delivery service by working together with Bangor Hydro Electric Company to meet the needs of northern and central Maine customers.\"MAM is the parent company of Maine Public Service Company (MPS) and MAM Utility Services Group (MAM USG). MPS is a regulated electric transmission and distribution utility serving approximately 36,000 electricity customer accounts in Northern Maine. MAM USG is an unregulated corporation that provides electrical services including transmission line and ...