Chesapeake Utilities, Florida Public Utilities set to merge Oct. 29

By Lisa Kerner

Charlotte, N.C., Oct. 5 - Chesapeake Utilities Corp. said it expects to close its merger with Florida Public Utilities Co. on Oct. 29, with the merger becoming effective Nov. 1.

Shareholders of both companies will vote on the transaction at separate special meetings on Oct. 22.

The companies announced in April that they will combine in an all-stock transaction valued at approximately $74 million.

As previously reported, Florida shareholders will receive 0.405 shares of Chesapeake common stock for each share of Florida they hold.

Chesapeake, a Dover, Del.-based diversified utility company, said the merger has received all required public service commission regulatory approvals.

Florida Public Utilities distributes natural gas, propane and electricity to residential, commercial and industrial customers in Florida. The company is based in West Palm Beach, Fla.

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