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
February 24, 1997
Date of Report (Date of Earliest Event Reported)
American Electric Power Company, Inc.
(Exact Name of Registrant as Specified in its Charter)
New York 1-3525 13-4922640
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
1 Riverside Plaza
Columbus, Ohio 43215
(Address of principal executive offices, including zip code)
(614)223-1000
(Registrant's Telephone Number, including area code)
ITEM 5. OTHER EVENTS.
American Electric Power Company, Inc. ("AEP") and Public
Service Company of Colorado ("PSCo") have jointly agreed with the
Board of Directors of Yorkshire Electricity Group plc ("Yorkshire
Electricity") in the United Kingdom to make a cash tender offer for
Yorkshire Electricity.
AEP and PSCo have formed a joint venture named Yorkshire Power
Group Limited. A subsidiary of the joint venture named Yorkshire
Holding plc is offering the equivalent of US $ 15.02 (9.27 pounds)
per ordinary share for Yorkshire Electricity, valuing the company
at approximately US $ 2.4 billion (1.5 billion pounds). The AEP,
PSCo, and Yorkshire Electricity boards have approved the
transaction.
Yorkshire Electricity's principal activities are the
distribution of electricity to 2.1 million industrial, commercial,
agricultural and domestic customers in its authorized area, which
covers 4,180 square miles of northeast England. Yorkshire
Electricity is also active in electricity supply and generation and
the supply of gas, including the ownership of gas assets. Other
activities include the development of telecommunications services
and the construction and operation of windfarms.
For the year ended March 31, 1996, Yorkshire Electricity
reported a consolidated profit on ordinary activities before
taxation and exceptional items of approximately US $ 310.8 million
(199.2 million pounds) on revenues of approximately US $2.2 billion
(1.4 billion pounds) and had assets at that date of approximately
US $2.2 billion (1.4 billion pounds).
AEP will make its investment in Yorkshire Electricity through
its AEP Resources, Inc. subsidiary, which owns, operates and
invests in electric facilities domestically and abroad.
The acquisition will be financed through a combination of 25
percent equity and 75 percent debt, including assumption of the
existing debt of Yorkshire Electricity. AEP and PSCo will each
invest approximately US $ 360 million (220 million pounds) in the
venture. The remaining US $ 1.7 billion (1.1 billion pounds) will
be provided by a non-recourse loan to Yorkshire Power Group
Limited.
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 hereunto duly authorized.
AMERICAN ELECTRIC POWER COMPANY, INC.
By:_/s/ G. P. Maloney_________
G. P. Maloney
Vice President
Dated: February 25, 1997
