Texas Utilities Company Announces Tender Offer for Energy Group PLC Shares

Strategic Insights -

Texas Utilities Company, a major energy conglomerate, has announced a tender offer for Energy Group PLC shares as part of its acquisition strategy. The offer, made public on May 27, 1998, seeks to acquire control of Energy Group PLC's shares. As of May 19, 1998, valid acceptances had been received for 97,600 Energy Group shares, representing approximately 0.02% of the company's issued ordinary share capital. The offer is time-sensitive, with a deadline of May 29, 1998, for holders of Energy Group securities to tender their shares.

Key Takeaways:

  • The tender offer involves 97,600 Energy Group shares, representing approximately 0.02% of the company's issued ordinary share capital.
  • Holders of Energy Group securities who do not tender their shares by May 29, 1998, will not be shareholders of record on June 5, 1998, and will miss the dividend payment of $0.55 per share on July 1, 1998.
  • Texas Utilities Company will seek to delist both Energy Group Shares and Energy Group ADSs at the earliest opportunity.
  • The tender offer is competitive, with Texas Utilities Company encouraging holders of Energy Group securities to tender their shares as soon as possible.

Statistics:

  • 97,600 Energy Group shares have been accepted for the tender offer, representing 0.02% of the company's issued ordinary share capital.
  • The deadline for tendering shares is May 29, 1998, at midnight (London time) or 7:00 p.m. (New York City time).
  • Holders of Energy Group securities who do not tender their shares by the deadline will miss the dividend payment of $0.55 per share on July 1, 1998.

Sources:

  • Texas Utilities Company (NYSE:TXU), "Texas Utilities Announces Tender Offer for Energy Group PLC Shares," May 27, 1998.
  • Energy Group PLC (NYSE/LSE:TEG), "Energy Group PLC Announces Tender Offer for its Shares," May 19, 1998.