Emera Inc. Announces Transaction to Acquire All Remaining Outstanding Shares of ICD Utilities Limited
Freeport, Grand Bahama, October 13, 2017 - Emera Incorporated (“Emera”) and ICD Utilities Limited (“ICDU”) today announced that ICDU has entered into a definitive agreement with Emera and Emera Utilities Holdings Ltd. (“EUHL”), a wholly owned indirect subsidiary of Emera which currently owns a 60.74% controlling interest in ICDU, pursuant to which Emera would indirectly acquire all of the common shares of ICDU that it does not own (the “Transaction”).
Pursuant to the terms of the Transaction, which has been unanimously recommended by the ICDU independent directors, ICDU shareholders can elect to receive BSD$8.85 in cash per common share or 0.913 depositary receipts representing common shares in Emera (“DRs”) or a combination of cash and DRs. Any shareholder which does not validly elect will be deemed to have elected to receive DRs. Each DR will initially represent one quarter of an Emera common share. The Transaction represents a 26% premium to the price that the ICDU shares last traded on The Bahamas International Securities Exchange (“BISX”) and a 33% premium over the 24-month volume-weighted average share Read More...
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