, /PRNewswire/ -- proposed acquisition of (NYSE: PNY) has cleared a key condition needed for completion, the two companies announced today.
has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the acquisition.
Expiration or termination of the waiting period is one of the conditions required for completion of the acquisition.
The transaction still requires approval by shareholders and the .
and also are providing information regarding the acquisition to the and the .
The companies are targeting a closing of the transaction by the end of 2016.
About
is the largest electric power holding company in . Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest. Its commercial power and international energy business segments own and operate diverse power generation assets in and , including a growing portfolio of renewable energy assets in .
Headquartered in , is a Fortune 250 company traded on the under the symbol DUK. More information about the company is available at www.duke-energy.com. Follow on Twitter, and .
About
is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power-generation utility customers in portions of , and , including customers served by municipalities that are wholesale customers. Its subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about is available at www.piedmontng.com.
Cautionary statements regarding forward-looking information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on management's beliefs and assumptions.
These forward-looking statements are identified by terms and phrases such as 'anticipate,' 'believe,' 'intend,' 'estimate,' 'expect,' 'continue,' 'should,' 'could,' 'may,' 'plan,' 'project,' 'predict,' 'will,' 'potential,' 'forecast,' 'target,' 'guidance,' 'outlook,' and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving or , including future financial and operating results, or plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the ability to obtain the requisite approvals of shareholders; the risk that or may be unable to obtain governmental and regulatory approvals required for the merger, or that required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; and the effect of changes in governmental regulations. Additional risks and uncertainties are identified and discussed in and and their respective subsidiaries' reports filed with the and available at the website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Neither nor undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Additional information and where to find it
This communication may be deemed to be solicitation material in respect of the merger of into . In connection with the merger, intends to file relevant materials with the , including a proxy statement in preliminary and definitive form. INVESTORS OF PIEDMONT NATURAL GAS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PIEDMONT NATURAL GAS AND THE MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by with the at the website at www.sec.gov, at website at www.piedmontng.com or by sending a written request to , Inc. at , Corporate Secretary, 4720 Piedmont Row Drive , 28210. Security holders may also read and copy any reports, statements and other information filed by with the , at the public reference room at , 20549. Please call the at 1-800--0330 or visit the website for further information on its public reference room.
Participants in the solicitation
, and certain of their respective directors, executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information regarding directors and executive officers is available in proxy statement filed with the on in connection with its 2015 annual meeting of stockholders, and information regarding directors and executive officers is available in proxy statement filed with the on in connection with its 2015 annual meeting of shareholders. Other information regarding persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the when they become available.
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SOURCE
Media Contact: Dave Scanzoni, Duke Energy, 24-Hour: 800.559.3853; Analysts: Bill Currens, Duke Energy, Office: 704.382.1603 Media Contact: David Trusty, Piedmont Natural Gas, 704.731.4391; Analysts: Nick Giaimo, Piedmont Natural Gas, Office: 704.731.4952