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Fortis shareholders approve merger with ITC Holdings

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Fortis shareholders approve merger with ITC Holdings

During an annual and special meeting held May 5, shareholdersapproved the company's $11.3 billion acquisition of ITCHoldings Corp.

Under the deal, St. John's, Newfoundland-based Fortis willpay $22.57 per sharein cash and 0.7520 Fortis share for every ITC share, representing a 33% premiumover ITC's unaffected closing share price on Nov. 27, 2015.

The transaction still needs the approval of ITCshareholders, and federal and state regulatory bodies to close in late 2016,according to a news release.

During the meeting, Fortis shareholders also elected TraceyBall, Pierre Blouin, Peter Case, Maura Clark, Margarita Dilley, Ida Goodreau,Douglas Haughey, R. Harry McWatters, Ronald Munkley, David Norris, Barry Perryand Jo Mark Zurel to serve on the Fortis board of directors.