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Indiana Corporations IWC Resources and NIPSCO Get Merger Approval.(Originated from The Indianapolis Star and News)
Knight Ridder/Tribune Business News, March, 1997 by Simpson, Cam
Mar. 26--Shareholders of IWC Resources Corp., the parent of Indianapolis Water Co., overwhelmingly approved a $288 million merger with Hammond-based NIPSCO Industries Inc. Tuesday.
About 97 percent of the shares voted were cast in favor of the merger, which offered IWC investors a huge premium for their stock.
NIPSCO, a gas and electric utility holding company that serves the northern third of the state, will pay IWC shareholders $32 per share. IWC shareholders can take it in cash or convert each of their shares into $32 worth of NIPSCO stock.
The deal gives IWC shareholders about a 55 percent premium above the average trading price of their shares in the year before the merger was announced. The stock skyrocketed after the deal...
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