Avista shareholders approve acquisition by Hydro One at $53 per share
Avista Corporation announced the preliminary results of a special meeting of shareholders to approve the proposed acquisition of the company by Hydro One Limited. Avista shareholders approved the acquisition, with approximately 79% of the outstanding shares of common stock entitled to vote on the proposal voting 98% in favor of the merger agreement. Upon closing, shareholders will receive $53 per common share, other than Dissenting Shareholder Shares and shares of Avista Corp. common stock that are owned by Hydro One or any of its subsidiaries. Upon closing, Avista will become a wholly-owned indirect subsidiary of Hydro One. Applications for regulatory approval of the transaction are still pending with utility commissions in Washington, Idaho, Oregon, Montana, and Alaska as well as with the Federal Energy Regulatory Commission.