Pennichuck Corp./City of Nashua
On November 12, 2010, Pennichuck Corporation (NASDAQ: PNNW) announced that it has entered into a definitive merger agreement with the City of Nashua, NH, whereby Nashua will acquire Pennichuck for a price of $29 per outstanding share, or $138 million in cash total.
After taking into account the Company's outstanding debt, the transaction represents a total enterprise value of approximately $200 million.
Pursuant to the terms of the Merger Agreement, the Company may continue paying regular quarterly dividends until the closing date at a rate no greater than the current annualized rate of $0.74 per common share. The DRIP plan has been suspended, however.
Advising the Company on this matter are Boenning & Scattergood, Inc., McLane, Graf, Raulerson & Middleton P.A., and Nutter, McClennen & Fish LLP.
After taking into account the Company's outstanding debt, the transaction represents a total enterprise value of approximately $200 million.
Pursuant to the terms of the Merger Agreement, the Company may continue paying regular quarterly dividends until the closing date at a rate no greater than the current annualized rate of $0.74 per common share. The DRIP plan has been suspended, however.
Advising the Company on this matter are Boenning & Scattergood, Inc., McLane, Graf, Raulerson & Middleton P.A., and Nutter, McClennen & Fish LLP.
