Tag Archives: shareholders

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UNS Shareholders Approve Acquisition by Fortis

Shareholders of UNS Energy Corporation voted overwhelmingly today to approve the proposed acquisition of the company by a subsidiary of Fortis Inc.

The votes were tabulated at today’s special meeting for shareholders at UNS Energy’s Corporate Headquarters in Tucson. Approximately 97 percent of the ballots cast supported the company’s acquisition by Fortis, the largest investor-owned gas and electric distribution utility company in Canada.

“Today’s vote is a positive step toward a new partnership that will provide benefits for shareholders, customers, employees and the communities we serve. Joining Fortis will provide additional financial strength to help us maintain safe, reliable service throughout Arizona,” said Board Chair and CEO Paul J. Bonavia.

The merger agreement provides that Fortis will acquire all of the outstanding common stock of UNS Energy for $60.25 per share in cash. The $4.3 billion transaction, which includes the assumption of approximately $1.8 billion in debt, would provide additional capital and new resources for UNS Energy’s subsidiaries, including Tucson Electric Power (TEP) and UniSource Energy Services (UES). Both companies will remain headquartered in Tucson under local control with current management and staffing levels and no planned changes to existing operations or rates.

Joining the Fortis family of companies would improve UNS Energy’s access to capital to fund the ongoing diversification of its generating fleet as well as investment in other infrastructure improvements. Upon closing, Fortis will inject $200 million of equity into UNS Energy.

The merger is subject to the approval of regulators, including the Arizona Corporation Commission and the Federal Energy Regulatory Commission; the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and the satisfaction of customary closing conditions. UNS Energy anticipates the transaction will be finalized by the end of 2014.

AMR-US Airways

Shareholders OK US Airways -American merger

US Airways and American Airlines moved closer to creating the world’s biggest airline Friday, as US Airways shareholders overwhelmingly approved their proposed merger.

Shareholders of US Airways Group Inc. would get 28 percent of the shares in the combined company, with the rest going to creditors, employees and shareholders of American Airlines parent AMR Corp.

US Airways said that 132,273,780 shares were voted in favor of the merger while 257,757 shares were voted against it. Another 256,523 abstained.

The merger is still being reviewed by antitrust regulators at the U.S. Department of Justice. It also needs the approval of American’s creditors the judge overseeing the airline’s bankruptcy proceedings.

Critics of the merger worry that it will reduce competition and drive up prices. Similar complaints arose around the mergers of Delta and Northwest in 2008, United and Continental in 2010, and Southwest and AirTran in 2011. Antitrust regulators allowed all those deals to go through.

Those other mergers changed the industry landscape, creating giants that made it harder for US Airways and American to compete, said Doug Parker, CEO of Tempe-based US Airways.

The merger “creates a fourth strong competitor to United, Delta and Southwest,” said Parker, who will become CEO of the combined carrier, which will keep the American Airlines name and be based in Texas.

If the American-US Airways deal goes through, those four airlines will control more than 80 percent of the domestic air-travel market.

 

Two attorneys become shareholders

Tiffany & Bosco Names New Shareholders

The law firm of Tiffany & Bosco P.A. announced that attorneys Lance R. Broberg and Benjamin A. Thinnes have been named Shareholders.

Broberg joined the firm in 2005 and his practice is concentrated in the area of general civil and commercial litigation, and focuses in matters regarding intra-corporate disputes and “business divorce.”  Broberg also serves clients with commercial landlord-tenant disputes, assists creditors in bankruptcy actions, and prosecutes appellate matters. Broberg is a 2002 graduate of Arizona State University, and received his J.D. from the University of Arizona James E. Rogers College of Law in 2005. He is actively involved in the Arizona State High School Mock Trial Program and serves as a director of the Northern Arizona Advisory Board of the American Lung Association of the Southwest.

Thinnes practices in the area of real estate transactions and finance, including purchase and sale transactions, leasing, real estate financing (including HUD insured loans for multi-housing projects), master-planned developments, and golf course and private club developments involving purchases, sales, financing, turnovers, and equity conversions.  Prior to joining Tiffany & Bosco, P.A., in 2011, Thinnes served as general counsel for one of the country’s preeminent private golf-community developers, during which time he acted as counsel in all facets of the law relating to the planning, development, and operation of private golf communities, both in the United States and abroad. He graduated from the University of Arizona, in 1996; and the University of San Diego School of Law, with a J.D, in 2002.

Michael Tiffany, managing partner and shareholder stated, “We are pleased to announce that Mr. Broberg and Mr. Thinnes have been named shareholders. They are dedicated, hard-working, and interested in their clients’ well-being. They are a great asset to our firm and to our community.”

For more information on Tiffany & Bosco and their new shareholders, visit Tiffany & Bosco’s website at tblaw.com.