A management group composed of all the corporate officers ofVirginia Gas Co. has presented a proposal to the company’s board toacquire all outstanding shares of the company’s common stock. Underthe proposal, each shareholder would be offered $4 in cash for eachshare. The cash purchase price represents a 33% premium to theclosing price of the company’s shares on Dec. 6. Michael L.Edwards, the company’s president and CEO, leads the managementgroup. The ultimate success of the proposal is contingent on thenecessary approvals of the shareholders, the board and regulators,as well as obtaining the necessary financing. Virginia Gas, basedin Abingdon, VA, is involved in all aspects of the gas businessfrom E&P to pipelines, storage and distribution.
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Texas Mulls In-Kind Power Generation
Texas Land Commissioner David Dewhurst last week presented aplan to a special senate committee on electric utilityrestructuring that would allow the land commissioner to convert thestate’s oil and gas earned from public lands into electricity andsell it to Texas schools, state agencies, and local governments.
March 1, 1999
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