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Chesapeake Utilities, Florida Public Utilities complete merger

Posted on: Wed, 04 Nov 2009 00:21:00 EST

Symbols: CPK

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Nov 04, 2009 (Datamonitor via COMTEX) --
CPK | Quote | Chart | News | PowerRating -- Chesapeake Utilities and Florida Public Utilities Company have completed their planned merger. Florida Public Utilities is now a wholly owned subsidiary of Chesapeake.

The combination creates a combined energy company serving approximately 200,000 customers in the Mid-Atlantic and Florida markets with assets totaling approximately $595 million.

Pursuant to the merger, Florida Public Utilities (FPU) shareholders will receive 0.405 shares of Chesapeake common stock in exchange for each outstanding share of FPU.

John Schimkaitis becomes the chairman and CEO of FPU in addition to serving as president and CEO of Chesapeake. Jack English, former chairman, president and CEO of FPU, will stay on as a consultant and assist in the integration effort. Post-merger, George Bachman and Charles Stein will continue to serve as CFO and COO, respectively, of FPU.

Pursuant to the merger agreement between Chesapeake and FPU, two members of the FPU board of directors have been appointed to the Chesapeake board of directors. These two new board members are Dennis Hudson, III and Paul Maddock, Jr, increasing the number of Chesapeake directors to 12.

Mr Schimkaitis said: "We're delighted to welcome Dennis and Jay to the Chesapeake board. They bring vast experience and insight regarding the Florida business climate, as well as the energy business. Their knowledge of FPU will be an asset to the board as the combined company positions itself for the future."

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