Dominion Commences Tender Offer To
Repurchase Shares
RICHMOND, Va. – Dominion (NYSE: D) announced today that it is commencing
its previously announced modified “Dutch auction” tender offer
to purchase its outstanding common shares. In the tender offer, the company
intends to purchase up to 55 million shares, representing nearly 16 percent
of the outstanding shares, in a price range of $82.00 to $92.00 per share.
The
tender offer will expire, unless extended by Dominion, at 5 p.m. Eastern time
on Aug. 7, 2007.
The high end of the tender range represents a maximum
aggregate purchase of $5.06 billion. It also reflects a premium of approximately
10 percent relative to the closing price of $83.55 on June 27, 2007, the
day immediately prior to the company’s announcement of its intention
to tender for its shares.
The tender offer is being conducted as part of the
company’s previously
announced plans to use proceeds from the sales of most of its natural gas and
oil exploration and production assets.
Morgan Stanley and Merrill Lynch are
the dealer managers for the tender offer. Georgeson, Inc. is the information
agent and Continental Stock Transfer & Trust
Co. is the depository for the tender offer.
Copies of the Offer to Purchase
and Letter of Transmittal are being mailed to holders of Dominion shares. Additional
copies of the Offer to Purchase and related materials may be obtained at the
company’s expense from the information
agent, Georgeson, Inc., at 17 State Street, 10th Floor, New York, NY 10004.
Banks and brokers should call (212) 440-9800 and all others should call toll
free (888) 605-7548.
