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From: "Bill Marcus" <bill@jbsenergy.com>
To: "Mike Florio (E-mail)" <mflorio@turn.org>; "Matt Freedman (E-mail)"
<freedman@turn.org>; "Bob Finkelstein (E-mail)" <bfinkelstein@turn.org>;
<jim@jbsenergy.com>; <jeff@jbsenergy.com>; <gayatri@jbsenergy.com>; "Michael
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John White (E-mail)" <vjw@cleanpower.org>; "Lenny Goldberg (E-mail)"
<lga@mother.com>
Sent: Friday, August 24, 2001 10:02 AM


> Private company may bid for Edison Report: Denver-based City Light & Power
> mulls offer
>
> By Myra P. Saefong <mailto:mpicache@marketwatch.com>, CBS.MarketWatch.com
> Last Update: 12:20 PM ET Aug. 24, 2001
> NEW YORK (CBS.MW) - A privately owned company that operates and maintains
> the street lights in Long beach, Calif. plans to make a bid for Edison
> International, according to a report published Friday.
> City Light & Power could announce its intentions to bid for Edison, parent
> of cash-strapped utility Southern California Edison as early as Monday,
Dow
> Jones reported, citing City Light & Power executives.
> Bear Stearns and Salomon Smith Barney, which are advising the company,
have
> valued Edison at $5.6 billion, or $17.18 a share, the report said.
> City Light plans to bid for the entire company but could sell of some of
the
> assets later, Dow said.
> Edison's Southern California Edison unit has been brought to the brink of
> bankruptcy because it has more than $3 billion in unpaid debts. It's been
> unable to recover the costs of buying power on the spot wholesale market
> because state law prevents it from raising its retail rates.
> Brian Bennett, SoCalEd's vice president of external affairs said Friday
that
> "by policy, the company does not comment on takeover rumors."
> A call to a representative handling public relations for City Light &
Power
> wasn't immediately returned.
> Shares of Edison climbed 22 cents to $14.40 in recent action.
>
>