UNS Energy Corp. (UNS) 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, paid $60.25 cash per share in this $4.3 billion merger. In addition, UNS shareholders received dividends through the close of the deal, including pro-rated dividends. The deal closed on August 15, 2014 after receiving shareholder and regulatory approvals. The Fund earned a 5.5% return.
From Mario Gabelli (Trades, Portfolio)’s ABC Fund Q3 2014 Commentary.
