Business Context and Reporting Period
Company: BLACK HILLS CORPORATION
Filing Type: Form 8-K (Current Report)
Date of Report: August 2, 2007
Event: Filing of antitrust clearance notifications under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Key Financial Metrics
This filing is a current report regarding a corporate event and does not contain financial statements. Consequently, there are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The material change reported is the completion of regulatory filing requirements for a proposed acquisition. Black Hills Corporation and Aquila, Inc. have filed notifications for antitrust clearance regarding Black Hills' agreement to acquire:
- Aquila's electric generating and distribution properties in Colorado.
- Aquila's natural gas distribution properties in Colorado, Iowa, Kansas, and Nebraska.
With this filing, the companies have submitted applications for all required state and federal regulatory approvals and reviews.
Guidance, Outlook, and Risks
Outlook: The transaction is contingent upon the receipt of all necessary regulatory approvals. The filing of the Hart-Scott-Rodino notifications marks the final step in submitting applications for these reviews.
Risks: The primary risk is the potential denial or delay of regulatory approvals required to close the acquisition.
Investor Verification Checklist
- Verify the status of the Hart-Scott-Rodino waiting period and any subsequent regulatory decisions.
- Monitor for updates on state-level regulatory approvals for the Colorado, Iowa, Kansas, and Nebraska jurisdictions.
- Review the attached press release (Exhibit 99) for specific terms of the acquisition agreement not detailed in the 8-K summary.
- Confirm if the acquisition timeline has been impacted by the regulatory review process.