Whitby Hydro and Veridian have completed a thorough review process to evaluate the benefits and risks of a potential merger before concluding that a merger will offer significant benefits to our customers and shareholders. That review process included completing a business case summary providing details about shares and dividends, electricity rates, governance, and a risk/benefit analysis of the merger. It also involved engaging a third-party to provide us with a fairness opinion, which is an independent professional opinion that concludes the merger agreement is fair, from a financial perspective, to the municipal shareholders. We are pleased to provide access to those documents in advance of upcoming presentations to our respective municipal shareholders:
Business Case Study
Our municipal shareholders also independently engaged their own advisors for third-party peer reviews of the entire merger process. These peer reviews examined the analysis each company, and its advisors, has developed, including the business case summary and the fairness opinion provided here, along with other relevant merger documents. Both peer reviews separately concluded, based on the information they reviewed, that a potential merger between Veridian and Whitby Hydro is beneficial to all key stakeholders.
Veridian and Whitby Hydro will also provide additional materials supporting the merger recommendation to municipal shareholders, some of which may be referenced in the documents above. These materials will not be publicly released at this time as they contain confidential information that,if released, could prejudice the commercial interests of Veridian, Whitby Hydro and our affiliates. Our intent has been to provide our municipal shareholders with a comprehensive analysis of the proposed merger to allow them to make an informed decision.