July 12, 2011 / 4:13 PM / in 6 years

TIMELINE-Power play for Central Vermont utility

 July 12 (Reuters) - Gaz Métro LP finally struck a deal to
buy Central Vermont Public Service Inc for $472 million,
edging out rival bidder Fortis Inc for Vermont's
largest utility. 	
 Following is a timeline on the bidding:	
 May 30 - Fortis agrees to acquire Central Vermont Public
Service for $470 million. 	
 June 23 - Gaz Métro offers to buy CVPS for about $472
million, a slim premium to Fortis' bid. 
 June 27 - CVPS says board authorized discussions with Gaz
Metro, and determined that Gaz Metro's proposal was likely to
lead to an offer that is superior to bid from Fortis.
 
 July 12 - CVPS says to merge with Gaz Metro; terminates
agreement with Fortis. Fortis waives right to negotiate with
CVPS in exchange for $17.5 million termination fee and $2.0
million in expenses. 	
 	

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