CalEnergy Halts Hostile Takeoveer Attempt
CalEnergy Company Inc. subsidiary CE Electric Inc. in mid-July appeared poised to take over New York State Electric & Gas Corp. But NYSEG fought the hostile takeover and won.
Although NYSEG had asked the New York Public Service Commission and the Federal District Court for the Southern District of New York to intervene, in the end, CalEnergy cited "lack of shareholder support" as its reason for terminating its bid.
A takeover attempt. CalEnergy Company Inc.