Otter Tail agreement caps Bill Gates' ownership stake at less than 20%

By Lisa Kerner

Charlotte, N.C., May 5 - Bill Gates' Cascade Investment, LLC and Otter Tail Corp. entered into a standstill agreement on May 1 that enables Cascade to acquire additional voting securities resulting in beneficial ownership of 10% or more of Otter Tail's outstanding voting securities.

Cascade agreed that it will not, without the approval of Otter Tail's board, acquire 20% or more of the outstanding voting securities, subject to certain exceptions, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.

In addition, Cascade agreed it will not solicit proxies to vote or to seek to influence matters recommended by the board.

Currently, Cascade beneficially owns 3,406,499 shares, or 9.6%, of the Fergus Falls, Minn., ethanol company.

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