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FORTIS INC (CANADA)

Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. Subsidiary ITC operates electric transmission in seven US states, with more than 16,000 miles of high-voltage transmission lines in operation.

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Benzinga&#39;s M&amp;A Chatter for Wednesday December 11, 2013

Fortis Inc

The Arizona Corporation Commission (ACC) today issued its final written 
 approval of the acquisition of UNS Energy Corporation (NYSE: <a class="ticker" href="/stock/uns#NYSE">UNS</a>) by 
 Fortis Inc. (OTC: <a class="ticker" href="/stock/frtsf#OTC">FRTSF</a>) Canada's largest investor-owned electric and gas 
 distribution utility holding company.
 By a unanimous vote, the ACC concluded the acquisition will serve the 
 public interest by generating benefits for UNS Energy subsidiaries 
 Tucson Electric Power (TEP) and UniSource Energy Services (UES) and 
 their customers. Both companies will have stronger balance sheets and 
 improved access to capital, while customers will receive bill credits 
 totaling $30 million over five years under terms of a settlement 
 approved by the ACC.
 “TEP and UES will gain new financial strength
 <a href="http://www.benzinga.com/pressreleases/14/08/b4775408/arizona-corporation-commission-approves-fortis-acquisition-of-uns-energ">See full press release</a>

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Arizona Corporation Commission Approves Fortis Acquisition of UNS Energy 

The following are the M&amp;A deals, rumors and chatter circulating on Wall Street for Wednesday December 11, 2013

Fortis to Acquire UNS Energy for $60.25/Share

The Deal: The Board of Directors of UNS Energy Corporation (NYSE: <a class="ticker" href="/stock/uns#NYSE">UNS</a>) has approved a merger agreement with Fortis (OTC: <a class="ticker" href="/stock/frtsf#OTC">FRTSF</a>), whereby Fortis will acquire all the outstanding common shares of UNS Energy for $60.25 per share in cash, or $4.3 billion.

The proposed acquisition will be to UNS shareholders in early 2014. The deal is subject to approval by shareholders and regulators, including the Arizona Corporation Commission and FERC. UNS anticipates the transaction will close before the end of 2014.

UNS Energy closed Wednesday at $45.84 and traded around $60 after-hours.

Renewed Report of Discovery Interest in Scripps Networks Interactive

Rumor: Shares of Scripps Networks Interactive (NYSE: <a class="ticker" href="/stock/sni#NYSE">SNI</a>) spiked higher for a second consecutive day Wednesday on a report from Bloomberg that Discovery Communications (NASDAQ: DSCA), was considering a bid for Food Network's parent company. Variety reported Tuesday that a deal was at a Discovery board meeting. 

A spokesperson for Scripps declined comment. A Discovery spokesperson was not available for comment.

Scripps Networks Interactive closed Wednesday at $81.00, after a high of $85.73.

JDSU to Acquire Network Instruments for $200M in Cash

The Deal: JDSU (NASDAQ: <a class="ticker" href="/stock/jdsu#NASDAQ">JDSU</a>) announced Wednesday that it has reached agreement to acquire Network Instruments for $200 million in cash, subject to certain adjustments. The companies expect to close the deal, subject to regulatory approvals, within approximately 45 days. '

JDSU closed Wednesday at $12.18, a loss of $0.14.

Benzinga's M&A Chatter for Wednesday December 11, 2013

Fortis

The Arizona Corporation Commission (ACC) today issued its final written 
 approval of the acquisition of UNS Energy Corporation (NYSE: <a class="ticker" href="/stock/uns#NYSE">UNS</a>) by 
 Fortis Inc. (OTC: <a class="ticker" href="/stock/frtsf#OTC">FRTSF</a>) Canada's largest investor-owned electric and gas 
 distribution utility holding company.
 
 
 By a unanimous vote, the ACC concluded the acquisition will serve the 
 public interest by generating benefits for UNS Energy subsidiaries 
 Tucson Electric Power (TEP) and UniSource Energy Services (UES) and 
 their customers. Both companies will have stronger balance sheets and 
 improved access to capital, while customers will receive bill credits 
 totaling $30 million over five years under terms of a settlement 
 approved by the ACC.
 
 
 “TEP and UES will gain new financial strength
 
 <a href="http://www.benzinga.com/pressreleases/14/08/b4775408/arizona-corporation-commission-approves-fortis-acquisition-of-uns-energ">See full press release</a>

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday December 11, 2013

Fortis to Acquire UNS Energy for $60.25/Share

The Deal: The Board of Directors of UNS Energy Corporation (NYSE: <a class="ticker" href="/stock/uns#NYSE">UNS</a>) has approved a merger agreement with Fortis (OTC: <a class="ticker" href="/stock/frtsf#OTC">FRTSF</a>), whereby Fortis will acquire all the outstanding common shares of UNS Energy for $60.25 per share in cash, or $4.3 billion.

The proposed acquisition will be to UNS shareholders in early 2014. The deal is subject to approval by shareholders and regulators, including the Arizona Corporation Commission and FERC. UNS anticipates the transaction will close before the end of 2014.

UNS Energy closed Wednesday at $45.84 and traded around $60 after-hours.


Renewed Report of Discovery Interest in Scripps Networks Interactive

Rumor: Shares of Scripps Networks Interactive (NYSE: <a class="ticker" href="/stock/sni#NYSE">SNI</a>) spiked higher for a second consecutive day Wednesday on a report from Bloomberg that Discovery Communications (NASDAQ: DSCA), was considering a bid for Food Network's parent company. Variety reported Tuesday that a deal was at a Discovery board meeting. 

A spokesperson for Scripps declined comment. A Discovery spokesperson was not available for comment.

Scripps Networks Interactive closed Wednesday at $81.00, after a high of $85.73.


JDSU to Acquire Network Instruments for $200M in Cash

The Deal: JDSU (NASDAQ: <a class="ticker" href="/stock/jdsu#NASDAQ">JDSU</a>) announced Wednesday that it has reached agreement to acquire Network Instruments for $200 million in cash, subject to certain adjustments. The companies expect to close the deal, subject to regulatory approvals, within approximately 45 days. '

JDSU closed Wednesday at $12.18, a loss of $0.14.

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