RUTLAND - It has only been a few weeks since Vermont's largest utility, Rutland-based Central Vermont Public Service was acquired by Canadian power giant Fortis, Inc. Now a second Canadian utility, Quebec-based GazMetro is eyeing the Vermont power company.
On June 23, CVPS received an unsolicited acquisition offer from GazMetro. Because of the surprise offer, CVPS announced it will convene its board of directors to review its fiduciary responsibilities and contractual commitments to Fortis Inc.
"This offer requires us to convene our board of directors to evaluate the proposal in depth as soon as possible," said CVPSPresident Larry Reilly. "Until the board of directors has an opportunity to examine the offer, we are precluded from making any further comment."
GazMetro executives were unavailable for comment at press time.