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Stock Market & Financial Investment News

News Breaks
June 23, 2014
08:18 EDTCNLCleco confirms receipt of indications of interest
Cleco announced that it has recently received indications of interest from third parties with respect to a strategic transaction. Cleco has retained Goldman Sachs and Tudor, Pickering, Holt as its financial advisors, and Locke Lord as its legal advisor, to assist the board in reviewing and evaluating any proposals and comparing any such proposals to Cleco's standalone strategic plan. The independent members of Cleco's board have also retained Hunton & Williams as legal counsel. Consistent with the board's fiduciary duties, the company will work with its financial and legal advisors to consider and evaluate these indications of interest and other potential opportunities in comparison to the Company's long-term strategic plan. The company has not established a definitive timeline to complete this review and no decision has been reached at this time. There can be no assurance that the review being undertaken will result in a merger or business combination, or a path different from the company's current strategic plan. The company does not intend to make any further announcements regarding the review unless and until the board has approved a specific transaction or other course of action requiring disclosure.
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February 27, 2015
16:41 EDTCNLCleco reports Q4 adjusted EPS 60c, consensus 48c
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16:39 EDTCNLCleco sees FY15 EPS $2.28-$2.38, consensus $2.51
16:38 EDTCNLCleco reports Q4 GAAP EPS 35c, consensus 48c
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February 26, 2015
12:07 EDTCNLCleco holders overwhelmingly support merger with N. American-led investor group
Cleco announced its shareholders approved the adoption of the previously announced merger agreement pursuant to which Cleco will be acquired by a North American investor group led by Macquarie Infrastructure and Real Assets and by British Columbia Investment Corporation. During a special meeting of shareholders, investors voted on merger- related proposals, which included the merger transaction and a non-binding advisory vote on merger compensation. The merger proposal passed with a vote of more than 94% of votes cast, which is equal to approximately 77% of all shares outstanding. The advisory merger compensation proposal passed with a vote of more than 82% of votes cast. The transaction is expected to close in the second half of the year.

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