EXHIBIT 99
FirstEnergy Corp. For Release: November 21, 2000
76 South Main Street
Akron, Ohio 44308
FirstEnergy Contact: GPU Contact:
Ralph J. DiNicola Ned Raynolds
330-384-5939 973-401-8294
[email protected] [email protected]
FIRSTENERGY AND GPU SHAREHOLDERS
APPROVE PROPOSED MERGER
Akron, Ohio, and Morristown, New Jersey - Shareholders of
FirstEnergy Corp. (NYSE: FE) and GPU, Inc., (NYSE: GPU) today
overwhelmingly approved the proposed merger of the companies at
concurrent shareholder meetings.
Unofficial results indicate that the merger was approved by
approximately 96.4 percent of the shares of common stock voted - and
75.5 percent of the shares outstanding - by FirstEnergy shareholders;
and by approximately 98.3 percent of the shares voted by GPU
shareholders. Approval of the merger required an affirmative vote
representing a majority of the 227 million FirstEnergy shares of common
stock outstanding, as of the October 12 record date of the meeting, and
the affirmative vote of the majority of GPU common shares voted. GPU
had 121 million shares of common stock outstanding, as of the October 12
meeting record date.
H. Peter Burg, FirstEnergy chairman and chief executive
officer who will remain CEO of the company, said, "Today's vote confirms
the value of merging these two companies to create a larger, stronger
enterprise that will enhance near- and long-term value for shareholders,
provide more services at competitive prices for customers, and expand
career opportunities for employees. The new FirstEnergy will be better
positioned to compete in the changing energy marketplace."
Fred D. Hafer, GPU chairman, president and chief executive
officer who will become chairman of the company, said, "We are convinced
that this merger will be good for our shareholders, good for our
customers, our employees and our communities. We believe FirstEnergy is
the right fit for GPU in terms of our strategic objectives, our
cultures, our geography, and our facilities. We believe the combination
will provide far more value and better opportunities than either company
would realize standing alone."
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FirstEnergy and GPU have applied for approval of their merger
to Federal Energy Regulatory Commission, New Jersey Board of Public
Utilities, Pennsylvania Public Utility Commission, Nuclear Regulatory
Commission, Federal Communications Commission, Securities and Exchange
Commission, and the Department of Justice under the Hart-Scott-Rodino
Act. After completion of the merger, FirstEnergy will be a registered
holding company under the Public Utility Holding Company Act of 1935.
The combination of FirstEnergy and GPU would create the
nation's sixth largest investor-owned electric system, based on serving
4.3 million customers within 37,200 square miles of Ohio, Pennsylvania
and New Jersey. FirstEnergy's electric utility companies would include
Ohio Edison and its Pennsylvania Power subsidiary, The Illuminating
Company, and Toledo Edison; as well as GPU's Jersey Central Power &
Light, Metropolitan Edison and Pennsylvania Electric. The company would
produce approximately $12 billion in annual revenues and have nearly $40
billion in assets.
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