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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.
News For CNL From The Last 14 Days
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October 20, 2014
16:57 EDTCNLCleco discloses termination fee $120M
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10:06 EDTCNLCleco downgraded to Market Perform from Outperform at Wells Fargo
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09:22 EDTCNLOn The Fly: Pre-market Movers
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05:56 EDTCNLCleco says transaction expected to have no impact on dividend
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05:55 EDTCNLCleco says Darren Olagues expected to succeed Williamson as CEO upon closing
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05:45 EDTCNLCleco to be acquired by investor group for $55.37 per share in cash
Cleco announced that it has entered into a definitive agreement to be acquired by a group of North American long-term infrastructure investors led by Macquarie Infrastructure and Real Assets, or MIRA, and British Columbia Investment Management Corporation, or bcIMC, together with John Hancock Financial and other infrastructure investors. The agreement values Cleco at approximately $4.7B, including approximately $1.3B of assumed debt. Under the terms of the agreement, the new owners will acquire all outstanding shares of Cleco Corporation for $55.37 per share in cash. The price represents approximately a 15% premium to Cleco's closing price of $48.27 on October 17, the last trading day prior to the announcement of the agreement. The transaction is expected to close in the second half of 2015. Following the close of the transaction, Cleco Power will continue to be regulated by the LPSC and FERC. The transaction will not affect residential or commercial rates for electricity. In addition, following the close of the transaction, Cleco will continue to operate as an independent company led by local management and will maintain its headquarters in Pineville, LA. Cleco's CEO, senior utility management, and leaders of corporate support functions will all be Louisiana residents as will at least four members of Cleco's board of directors, including its chair. Cleco and the new owners have made additional commitments to the LPSC including that no changes will be made to Cleco's operations, staffing levels, compensation levels or employee and retiree benefits programs as a result of the transaction.
05:42 EDTCNLCleco to be acquired by investor group for $55.37 per share in cash

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