secwatch.observer — SEC 8-K summary
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Issuer:     ALLETE INC (—)
CIK:        0000066756
Form:       8-K
Filed at:   2024-05-06T23:59:59+00:00
Accession:  0000066756-24-000034
Event type: m_and_a
Sentiment:  positive
Materiality: 1.00
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ALLETE to be acquired by CPP Investments/GIP for $67.00/share ($6.2B enterprise value)
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- Shareholders will receive $67.00 per share in cash; enterprise value ~$6.2B including net debt.
- Premium of 19.1% over ALLETE's closing price on Dec 4, 2023 (prior to sale speculation).
- Deal expected to close in mid-2025, subject to shareholder vote and regulatory approvals (MPUC, PSCW, FERC, CFIUS, HSR).
- ALLETE will remain locally managed, HQ in Duluth; CEO Bethany Owen continues; workforce and compensation commitments.
- Termination fees: $212M/$164M payable by Parent (certain circumstances), $116M payable by ALLETE.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/66756/000006675624000034/0000066756-24-000034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/66756/000006675624000034/ale-20240505.htm
  HTML page:      https://secwatch.observer/filing/0000066756-24-000034

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer