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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 29, 1999
______________________________
WICOR, INC.
(Exact name of registrant as specified in its charter)
1-7951
(Commission file number)
Wisconsin 39-1346701
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
626 East Wisconsin Avenue, Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip Code)
(414) 291-7026
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
Exhibit 99.1 filed with this report, and incorporated herein by reference,
contains presentation materials used at analysts' meetings in connection with
the announcement by Wisconsin Energy Corporation, a Wisconsin corporation
("Wisconsin Energy"), and WICOR, Inc., a Wisconsin corporation ("WICOR"), of the
execution of an Agreement and Plan of Merger, dated as of June 27, 1999, by and
among Wisconsin Energy, WICOR and CEW Acquisition, Inc., a Wisconsin corporation
and a wholly owned subsidiary of Wisconsin Energy.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
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See Exhibit Index following the Signatures page of this report, which is
incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WICOR, INC.
By: /s/ Joseph P. Wenzler
------------------------------------
Joseph P. Wenzler
Senior Vice President and
Chief Financial Officer
Date: June 30, 1999
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WICOR, INC.
(Commission File No. 1-7951)
EXHIBIT INDEX
to
CURRENT REPORT ON FORM 8-K
Date of Report: June 29, 1999
Incorporated Herein Filed
Exhibit Description by Reference to Herewith
- ------- ----------- --------------- --------
Exhibit 99.1 Analysts' Meeting Presentation
Materials X
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EXHIBIT 99.1
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[LOGO OF WICOR, INC. APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Wisconsin Energy Corporation
Combination with WICOR, Inc.
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Safe Harbor Language
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This presentation contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The forward-looking statements
are subject to various risks and uncertainties. Actual results may vary
materially. Factors that could cause actual results to differ materially
include, but are not limited to: general economic conditions; business and
competitive conditions in the deregulating and consolidating energy industry, in
general, and in the companies' service territories; availability of the
companies' generating facilities, changes in purchased power costs; changes in
natural gas prices and supply availability; unusual weather; regulatory
decisions; and the other cautionary factors described in the Management's
Discussion and Analysis of Financial Condition and Results of Operations in both
companies' Form 10-K for the year ended Dec. 31, 1998; and other factors
described from time to time in the companies' reports to the Securities and
Exchange Commission.
2
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Wisconsin Energy Overview
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WISCONSIN ENERGY
CORPORATION
WISCONSIN ELECTRIC EDISON SAULT NON-UTILITY
POWER COMPANY ELECTRIC COMPANY BUSINESSES
Wisvest Corporation
Wispark Corporation
Wisconsin Energy Capital
Corporation
WEC International Inc.
WEC Nuclear Corporation
Minergy Corporation
Witech Corporation
Northern Tree Service, Inc.
Badger Company
3
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
WICOR Overview
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WICOR INC.
ENERGY GROUP MANUFACTURING GROUP
Wisconsin Gas Company Sta-Rite Industries, Inc.
WICOR Energy Services SHURflo Pump Manufacturing
Co.
FieldTech
Hypro Corporation
4
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Combined Company
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Wisconsin Energy
Corporation
Acquisition Company Wisconsin Electric Edison Sault WEC Non-Utility
(to be re-named WICOR) Power Electric Operations
Energy Group Manufacturing
Group
5
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
WEC Strategy
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. Continue to be one of the lowest cost energy providers in the Midwest
. Continue to take advantage of new opportunities presented by electric and gas
convergence
. Continue to make strategic regional acquisitions to position the new company
as a premier regional player in energy services
6
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Benefits of Transaction
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Critical Mass
. WICOR's LDC operations further expand WEC's critical mass and provide:
- Expanded customer base
- Revenue enhancement potential
- Cost savings opportunities and economies of scale
- Continued convergence opportunities
Customer Base
. The combined entity will have a significant customer base of approximately:
- 1.0 million electric customers
- 900,000 gas customers, an increase of approximately 529,000 customers
7
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Benefits of Transaction
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Unregulated Business Growth
. WICOR's unregulated pump business will diversify WEC's earnings and
business profile
- Strong historical earnings growth and attractive projected earnings
profile
- Products targeted to both residential and industrial markets
- Global business with approximately 30% of sales in international
markets
- Potential opportunity to grow business and enhance value
8
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Benefits of Transaction
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Cost Savings and Efficiencies
. Merger benefits will come from both gas related cost savings and revenue
enhancements
- Non-fuel O&M expense
- Purchased gas cost
- Labor through attrition
- Product expansion
Platform for Growth
. Combined pro forma market capitalization of approximately $7.4 billion
. Combined management strength and depth to make additional acquisitions in a
converging energy market
. Conservative and achievable growth strategy
- Commitment to control leverage
- Ability to enhance growth through diversified business lines
- Superior territory demographics
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Key Statistics
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WEC WIC Combined
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Approximate Market Equity (millions) $3,200 $1,275 $4,475
Customers (thousands)
- - Electric 1,010 - 1,010
- - Gas 389 529 918
Net income - LTM 3/31/99 (millions) $192.6 $ 49.4
Diluted EPS - LTM 3/31/99 $ 1.67 $ 1.32
Current Dividend Yield (6/23/99) 5.7% 3.3%
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Diversified Earnings Base
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________________________________
2001E EBITDA
--------------------------------
[COLORED PIE CHART APPEARS HERE]
______________________________________________________
62% Electric Gas Distribution 17%
13% WEC Nonregulated Pump Manufacturing 8%
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Note: Does not include merger benefits
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Combined Service Area
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[COLORED MAP APPEARS HERE]
12
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Merger Benefits
. WEC believes that financial merger benefits of $35 million can be
achieved by 2001
. Merger benefits will come from both cost savings and revenue enhancements
- Non-fuel O&M expense
- Purchased gas cost
- Labor through attrition
- Product expansion
13
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Deal Terms
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<TABLE>
<CAPTION>
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Term Summary
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<S> <C>
Purchase Price: . $31.50 per share
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Premium: . Premium to 1 day: 18.3%; 1 week: 31.3%; 4 weeks: 30.6%
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Timing: . The transaction is expected to close in the Spring of 2000
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Structure: . Stock consideration is based on a fixed price
. 60% Cash/40% Stock
- Tax-free exchange for stock
- At WEC's option, stock allocation can be between (and including) 40% and 60%
. If WEC's stock price falls below $22.00, based on the average of the closing share price of
WEC common stock on each of the ten days ending with the fifth trading day immediately
preceding the closing date, WEC will have the option to pay all cash
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Consideration: . Cash (Net of option proceeds) $709.6 Million
Shares (18,486,594 @ $27.56) 509.5
Total Acquisition Cost $1,219.1 Million
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Net Debt Assumed (Pro Forma): . $272.5 Million
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Total Transaction Value: . $1,503.1 Million
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Current Exchange Ratio: . 1.14 x ($31.50 @ $27.56)
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Break-up Fee: . $30 Million, payable within 5 business days of termination
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</TABLE>
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Leadership
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. Richard A. Abdoo - Chairman, President and CEO
. George E. Wardeberg - Vice Chairman
. Existing WEC board with two new directors
. Existing WIC senior operating managers retain current positions
. Corporate headquarters - Milwaukee
15
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Approval Process
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. WIC and WEC Shareholders
. Other customary regulatory approvals
. Public Service Commission of Wisconsin
Targeted Close Date: Spring 2000
16
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[LOGO OF WICOR, INC APPEARS HERE]
[LOGO OF WISCONSIN ENERGY CORPORATION APPEARS HERE]
Summary
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. Strategic business combination that creates regional leader
. Strong regulated and non-regulated growth opportunities
. Competitively positioned electric and gas businesses meet customers' needs at
competitive prices
. Strong platform for future growth
. Creates long-term shareholder value
17
