Semco Energy sets June 7 as meeting date for shareholders to vote on acquisition by Cap Rock

By Lisa Kerner

Charlotte, N.C., May 17 - Semco Energy, Inc. shareholders will vote on the proposed acquisition of the company by Cap Rock Holding Corp. at a special meeting to be held at 1:30 p.m. ET on June 7 in Detroit.

Under a Feb. 23 definitive agreement, Cap Rock will acquire all of the outstanding common stock of Semco for $8.15 per share in cash in a transaction valued at about $867 million, including debt. The agreement also includes a termination fee of $15.5 million.

Holders of series B preferred stock will receive $213.07 per share plus a make-whole premium, according to a company news release.

Semco's board has unanimously approved the deal.

Cap Rock is a New York-based utility holding company with electric utility transmission and distribution assets in Texas.

Semco is a natural gas distributor based in Port Huron, Mich.

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