Empire District Electric shareholders approve merger with Algonquin Power & Utilities
Written By: Stratton Report
June 16, 2016
On June 16, Algonquin Power & Utilities Corp. announced that Empire District Electric Company shareholders had voted to approve their merger.
Empire’s President and CEO Brad Beecher observed:
“Today marks an historic day for The Empire District Electric Company, and I want to thank our shareholders for their support in approving the Agreement and Plan of Merger. We are pleased to have secured shareholder approval in addition to the regulatory approvals from the FERC and state of Oklahoma that we had previously announced. Empire’s management team will continue to work diligently over the next several months as we seek to obtain the remaining necessary regulatory approvals to bring about the closing of the transaction. We continue to expect the transaction to close in the first quarter of 2017.”
According to the utility, shareholders approved the merger agreement with approximately 95.5 percent of the votes cast at today’s special shareholder meeting voting in favor of the merger proposal. Today’s vote represented approximately 70.8 percent of Empire’s outstanding common stock as of May 2, 2016.
Ian Robertson, CEO of APUC remarked: “Our merger agreement with Empire represents an important step forward in the growth of our regulated utility business, and we too are pleased that the Empire shareholders voted in favour of the transaction today. We look forward to continuing our joint efforts with Empire to move through the remaining regulatory approvals as we work toward the completion of the transaction.”