It's my understanding that as UCU drops so does the offer for my EDE stock. As I calculate it, I will be offered around $21 per share if it were to close today. There was no bottom end set in this deal. Don't know about anyone else but I missed that somewhere. 29.50 seemed like a good deal at the time, but as I look back now I voted wrong. If this proposal is not complete by the end of the year don't we have the option to vote again? I will be voting differently given the chance.
Missouri PSC recently gave approval to Transalta (in Canada) deal. However, word I heard is that MPSC Staff is recommending AGAINST St. Joe L&P deal and it was perceived to be more simple and straightforward than Empire's. I believe the Staff testimony on EDE is due to be filed by mid-June. Who knows what may happen?
P.S. Unfortunately, I don't think you'll have another opportunity to vote on THIS deal.
As I understand the deal, you get 1.34 shares of UCU for each share of EDE you own. Today, UCU is trading at about $19....far up from its 52 week low. Therefore, today your shares are worth 1.34 X 19 or $25.46. Now that ain't 29.50, but it also ain't the $22 that EDE is trading at today.
Good arbitrage play, depending on your outlook for UCU.