Vt. Utility to discuss competing acquisition offer

SymbolPriceChangeCV35.68-0.05Chart for Central Vermont Public Service {“s” : “cv”,”k” : “a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00″,”o” : “”,”j” : “”}

RUTLAND, Vt. (AP) — The board of directors of Vermont’s largest electric utility has authorized discussions with the Canadian owner of the state’s second largest electric utility over its unsolicited acquisition proposal.

Central Vermont Public Service Corp. said Monday that there are no guarantees on the outcome of discussions with Green Mountain Power’s parent company, Gaz Metro Limited Partnership.

Last week, Gaz Metro made an offer to the CVPS board to buy the Rutland-based utility for $35.25 per share in cash.

The proposal is an alternative to a merger announced on May 30 between CVPS and the Canadian utility Fortis Inc., for $35.10 per share.

The CVPS board says the Gaz Metro proposal “is reasonably likely to lead to a superior proposal.”

CVPS will not comment on discussions with either firm.

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