Message #8 From:
NewsBot Date: October 27, 2006 04:10:00 PM
CGC News Cascade Natural Gas Corporation Shareholders Approve Merger Agreement
SEATTLE--(BUSINESS WIRE)--Cascade Natural Gas Corporation (NYSE:CGC) announced today that at a
special shareholder meeting, the shareholders of the company voted to
approve the merger agreement with MDU Resources Group, Inc. When the
transaction is completed, Cascade will become a wholly owned subsidiary
of MDU Resources and will continue to operate as Cascade Natural Gas
Corp.
The proposed merger was announced on July 9, 2006. In addition to
approval by the Cascade shareholders, the completion of the merger is
subject to the approval of various regulatory authorities. These include
the Washington Utilities and Transportation Commission, the Oregon
Public Utility Commission and the various jurisdictions under which MDU
Resources’ utility divisions operate, as well
as clearance under the Hart-Scott-Rodino Act and the satisfaction of
other customary closing conditions. Cascade and MDU Resources are in the
process of obtaining the required regulatory approvals, which are
anticipated to be completed by mid-year 2007.
MDU Resources’ utility divisions,
Montana-Dakota Utilities Co. and Great Plains Natural Gas Co., serve
over 250,000 natural gas customers and 118,000 electric customers in
five Upper Midwest states.
Cascade serves approximately 235,000 customers in 93 communities –
65 of which are in Washington and 28 in Oregon. Cascade’s
service areas are concentrated in western and south central Washington
and south central and eastern Oregon.
The information in this release includes forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, including statements regarding the expected timing of the receipt
of regulatory approvals. Although the company believes that its
expectations are based on reasonable assumptions, these statements are
subject to risks and uncertainties and actual results may differ
materially. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include the
ability to obtain necessary regulatory approvals and the satisfaction of
other closing conditions. There can be no assurance that the regulatory
review process will not be delayed or that the closing will occur when
expected.
