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.