DPL, awaiting merger with AES, declares dividends

Business
April 28, 2011
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DAYTON — DPL Inc.’s board of directors on Wednesday declared what could be among the last remaining quarterly dividends of the company, which is to merge with Virginia-based AES Corp., an energy company that does not pay stock dividends.

The board of DPL, the holding company that owns Dayton Power and Light Co., declared a quarterly dividend of 33.25 cents per common share, payable on June 1 to shareholders of record as of May 16. That amounts to an annual rate of $1.33 per common share.

DP&L’s board declared the following dividends on the utility’s shares of preferred stock: 93.75 cents per share on the 3.75 percent Series A and Series B stocks, cumulative, and 97.50 cents per share on the 3.90 percent Series C stock, cumulative. Those dividends are also payable June 1 to shareholders of record May 16.

AES Corp. said last week it had reached agreement to buy DPL for $30 per share, or $3.5 billion for all of DPL’s outstanding common shares, and assume $1.2 billion of debt as part of the transaction. The deal is to close in six to nine months after regulatory approvals and the approval of DPL shareholders is obtained, the companies said.

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