CVPS Board Says New Sale Offer Likely Better

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The board of directors of Vermont’s largest electric utility says an unsolicited bid to buy the company could lead to a better proposal than that made by a different firm.

The Central Vermont Public Service Corp. board said Monday it had authorized discussions with Gaz Metro Limited Partnership, the parent company of Green Mountain Power, the state’s second largest electric utility.

Last week, Gaz Metro made an unsolicited offer to the CVPS board to buy the Rutland-based utility for $35.25 per share in cash.

On May 30 CVPS announced a deal with the Canadian utility Fortis Inc., for $35.10 per share.

The CVPS board says the Gaz Metro proposal "is reasonably likely to lead to a superior proposal."

CVPS will not comment on discussions with either firm.

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