CNBC: Dominion Made Offers To Buy Progress Energy, Duke

By Triangle Business Journal

Virginia power giant Dominion Resources, which had been in occasional merger talks with Duke Energy, made 11th-hour moves to unhinge the $26 billion mega-merger between Duke and Progress Energy, says CNBC.

On Friday, Dominion fired off letters to both parties with ⿿soft⿝ offers to buy each at a 10- to 15-percent premium to their stock price, CNBC reports.

Dominion was reacting to leaks and rumors that the Duke-Progress deal was all but certain.

⿿In its letters,⿝ says CNBC, ⿿Dominion said it would not make any offer public, indicating an unwillingness to mount a public campaign to try and break apart Monday⿿s deal.⿝

People close to Duke told the news agency that the Dominion letter ⿝was not deemed actionable⿝ because it lacked specifics.

â¿¢ Click here for Triangle Business Journalâ¿¿s coverage of the Duke deal to buy Progress.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/triangle/news/2011/01/10/dominion-made-offers-to-buy-progress.html?ana=thestreet

Copyright bizjournals.com 2010

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