Indiana Shoot Out Fizzles

It seemed a rather simple merger. Back in December, Cincinnati Gas & Electric agreed to acquire PSI Resources in a stock swap valued at $24.50 a share. But once IPALCO Enterprises, another Indiana utility, launched a hostile takeover bid, the battle exploded into a high-wattage shoot-out. On Aug. 23, IPALCO said it was withdrawing its $1.73 billion bid for PSI. The announcement came after two major institutions, which IPALCO would not identify, balked at backing the takeover.

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