Mario Gabelli Comments on UNS Energy Corp.

Apr 30, 2014

UNS Energy Corp. (UNS, Financial)(1.4%) (UNS - $60.03 - NYSE) is a gas and electric utility based in Tucson, Arizona. On December 11, 2013, the company announced that it was being acquired by Fortis, the distribution utility based in Newfoundland, Canada. Fortis, which is continuing to consolidate American utilities, is paying $60.25 cash per share in this $4.3 billion merger. In addition, UNS shareholders will receive dividends through the close of the deal, including pro-rated dividends. The deal is expected to be completed by the end of 2014, pending shareholder and regulatory approvals.

From Mario Gabelli (Trades, Portfolio)'s first quarter 2014 ABC Fund commentary.

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