AEP, PSCo tender for UK`s Yorkshire
American Electric Power (AEP) and Public Service Company of Colorado (PSCo) have jointly agreed with the board of directors of Yorkshire Electricity Group plc in the UK to make a cash tender offer for Yorkshire Electricity. AEP and PSCo, through a joint venture named Yorkshire Holdings plc, are offering (US)$15.02 per ordinary share for Yorkshire Electricity Group. The AEP, PSCo and Yorkshire Electricity boards have approved the transaction.
E. Linn Draper, AEP chairman, president and CEO, will initially be chairman of Yorkshire Holdings plc. Wayne H. Brunetti, PSCo president and CEO, will initially be vice chairman of Yorkshire Holdings plc. Malcolm Chatwin, Yorkshire Electricity Group`s chief executive, has agreed to continue in that capacity.