Chesapeake Utilities, Florida Public Utilities shareholders OK merger

By Lisa Kerner

Charlotte, N.C., Oct. 22 - Chesapeake Utilities Corp. and Florida Public Utilities Co. shareholders approved the proposed merger of the two companies at separate special meetings on Thursday.

The companies will now move to close the deal, according to a Chesapeake news release.

Previously, Chesapeake said it expected to close the merger on Oct. 29, with the merger becoming effective Nov. 1.

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

Florida shareholders will receive 0.405 of a share of Chesapeake common stock for each share of Florida they hold, said Chesapeake.

Chesapeake is a Dover, Del.-based diversified utility company.

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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