Friday, May 4, 2007

A case of bad gas?

Aquila Inc. investors gave the company an earful at the utility's annual meeting Wednesday in Missouri, saying the company's acceptance of a buyout was a cop-out. The company, which serves parts of the Pikes Peak region, is seeking support for a proposed acquisition by Great Plains Energy Inc. and Black Hills Corp. later this year.

“I find it insulting that the day this deal was announced, the shares were higher than what you sold it for,” Irene Tebo of Harrison Township, Mich., told Richard Green, the company’s chairman and chief executive, during a question-and-answer period. “You’re selling us down the river.”

A shareholder vote is expected in July or early August.

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