Two Independent Proxy Advisors Announce Their Support for Strategic Merger With Florida Public Utilities; Recommend Chesapeake Shareholders Vote For the Merger at Special Meeting on October 22, 2009
Oct. 12, 2009 (PR Newswire) --
DOVER, Del., Oct. 12 /PRNewswire-FirstCall/ -- Chesapeake Utilities Corporation (NYSE: CPK) today announced that Glass, Lewis & Co. and PROXY Governance, Inc., two independent proxy advisory firms, have each recommended that Chesapeake shareholders vote "FOR" the strategic merger with Florida Public Utilities (NYSE Amex: FPU) at Chesapeake's Special Meeting of Shareholders on October 22, 2009.
"We are very pleased that these two independent shareholder advisory firms have determined that this transaction is in the best interests of Chesapeake's shareholders and recommended that they vote for our strategic merger with Florida Public Utilities," said John R. Schimkaitis, President and Chief Executive Officer of Chesapeake. "Their recommendations support our Board of Directors' unanimous decision that Chesapeake's merger with Florida Public Utilities enhances shareholder value and should, therefore, be supported."
Glass, Lewis, in its report recommending that Chesapeake shareholders vote for the merger with Florida Public Utilities, concluded, in part, "We believe the proposed transaction and share issuance are in the best interests of shareholders. Accordingly, we recommend that shareholders vote FOR this proposal."
PROXY Governance, in its report recommending that Chesapeake's shareholders approve of the merger with Florida Public Utilities, concluded, in part, "We support the deal on the basis of its strategic and synergistic benefits, which should benefit long-term shareholders."
Chesapeake Utilities Corporation encourages all stockholders to follow the recommendations of Glass, Lewis and PROXY Governance and vote their shares promptly by phone, via Internet, or by mailing their proxy card; or to contact Chesapeake's proxy solicitors, Georgeson Inc., toll free at 888.666.2580, if they have any questions or need any assistance in voting their shares.
About Chesapeake Utilities Corporation (www.chpk.com)
Incorporated in 1947, Chesapeake is a diversified utility company engaged in natural gas distribution, transmission and marketing, propane distribution and wholesale marketing, advanced information services and other related businesses. In total, Chesapeake currently serves approximately 100,000 distribution customers with either natural gas or propane gas. Chesapeake employs 448 people and posted $291.4 million in revenue for 2008.
Chesapeake's natural gas distribution operations serve approximately 65,000 residential, commercial and industrial customers in Delaware, Maryland and Florida.
