23:21:18 EDT Mon 18 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 283,099,180
Close 2016-05-19 C$ 39.96
Market Cap C$ 11,312,643,233
Recent Sedar Documents

Fortis's ITC deal to be voted on by ITC holders June 22

2016-05-19 16:55 ET - News Release

An anonymous representative of ITC Holdings reports

ITC HOLDINGS CORP. SETS SPECIAL SHAREHOLDER MEETING DATE TO VOTE ON TRANSACTION WITH FORTIS INC.

ITC Holdings Corp. will hold a special meeting of its shareholders on June 22, 2016, at which shareholders will be asked to adopt and approve the previously announced transaction with Fortis Inc.

On Feb. 9, 2016, Fortis and ITC announced that the two companies had entered into an agreement and plan of merger pursuant to which Fortis will acquire ITC in a transaction valued at approximately $11.3-billion (U.S.). Under the terms of the transaction, ITC shareholders will receive $22.57 (U.S.) in cash and 0.7520 Fortis share per ITC share upon the closing of the transaction. Based on the closing price on Feb. 8, 2016, for Fortis common shares and the U.S.-dollar/Canadian-dollar exchange rate, the per-share consideration represents a premium of 33 per cent over ITC's unaffected closing share price on Nov. 27, 2015, and a 37-per-cent premium to the unaffected average closing price over the 30-day period prior to Nov. 27, 2015.

Fortis announced on April 20, 2016, that it had reached a definitive agreement with GIC Private Ltd., Singapore's sovereign wealth fund, to acquire a 19.9-per-cent equity interest in ITC for aggregate consideration of $1,228-million (U.S.) in cash upon the closing of the transaction.

ITC shareholders of record as of the close of business on May 13, 2016, are entitled to receive notice of, and to vote at, the special meeting of shareholders. The special meeting of shareholders will be held at 9 a.m., Eastern Time, on June 22, 2016, at ITC's corporate headquarters located at 27175 Energy Way, Novi, MI 48377.

The board of directors of each of ITC and Fortis has approved the proposed transaction. Fortis shareholders approved the transaction on May 5, 2016, at the Fortis annual and special meeting of shareholders.

The transaction remains subject to customary closing conditions, including approval of the merger by holders of a majority of the outstanding shares of ITC common stock, antitrust, and other regulatory and federal clearances.

The transaction is expected to close in late 2016.

We seek Safe Harbor.

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