Shareholders of CH Energy voted overwhelmingly to approve the proposed acquisition of the company by Fortis. Approximately 92% of the shares cast were voted in favor of becoming part of Fortis, Canada's largest investor-owned distribution utility, at the Special Meeting of Shareholders held today. Subject to regulatory approvals and other customary conditions, the transaction is expected to close in the first quarter of 2013. The all-cash transaction will provide $65 per share to common shareholders of CH Energy.
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?