Whitby Hydro Energy Corporation has entered into a Memorandum of Understanding to explore the potential benefits of joining utilities with Veridian Corporation. Check this hub regularly for updates and to stay involved with the process.
Both Veridian and Whitby see significant merits in the proposed merger. Our focus is on our customers and ensuring we can deliver savings through greater efficiencies and innovation. We further have confidence in the competitive strength that could be found in the combined company, due to the larger scale.
Veridian and Whitby Hydro anticipate a streamlined review process. First, our respective Boards of Directors are assessing whether a merger will be of benefit to our shareholders and customers. If that review process confirms that a merger would provide benefits to customers and shareholders, Veridian and Whitby Hydro will seek approval of municipal councils. Subject to those shareholder approvals, the parties would endeavor to enter into a merger agreement that would be submitted to the Ontario Energy Board for regulatory approval, a process that could take several months.
The MOU was executed as of July 17th, 2017 between Veridian Corporation and Whitby Hydro. The MOU has already been publicly posted. Communications is central to this process and we want to be as open and transparent as we can be with our customers. A copy of the MOU can be found here.
There are many factors at play including the disruption in the industry which requires us to evolve if we are to remain competitive. Additionally, our customers’ behaviours and opportunities are changing and we must find ways to continue to offer stable and affordable rates combined with greater efficiency and more valuable service offerings. There has already been success demonstrated from other potential mergers from an overall improvement standpoint.
It is our job to protect and enhance shareholder value and to ensure great service at appropriate rates to our customers. We have clear direction to only proceed if we can demonstrate significant value to all stakeholders. Every scenario will be evaluated thoroughly before any decision is made. We are all committed to openness and transparency throughout this process.
Veridian Corporation and Whitby Hydro Energy Corporation Take Step Forward with Signing of Memorandum of Understanding
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