Amber Energy’s board has accepted a revised merger offer fromAlberta Energy Co. (AEC) and said it will cease pursuing the saleof some of its midstream assets. AEC raised its offer for Amber by50 cents a share to $7.50, or 0.225 AEC shares for each Ambercommon share, and agreed to an aggregate limit of 4.5 millionshares, which is up from 3 million. Together, the two gas companieshold the largest gas reserve base of any publicly-owned oil and gascompany in Canada with 4 Tcf of reserves, and create one of thelargest gas producers north of the border with about 900 MMcf/d ofgas production, said AEC President and CEO Gwyn Morgan.
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Three Michigan Power Co-Ops to Merge
Customer-owners of three Michigan power co-ops – Great LakesEnergy Cooperative, Top O’Michigan Electric Co., and WesternMichigan Electric Cooperative – have approved a three-way merger totake effect next Jan. 1, creating the third largest Michigan-basedutility and the eight largest customer-owned power company in thenation.
ConEd Buying O&R Utilities for $790 Million
Consolidated Edison and Orange and Rockland Utilities agreed tomerge with ConEd acquiring all the common stock of O&R for$58.50 per share in a deal worth about $790 million. O&R wouldbecome a wholly owned subsidiary of ConEd. The transaction would beaccounted for as a purchase and is expected to be accretive toConEd’s earnings per share after the first year.