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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) - February 23, 1995
Commission File No. 1-3548
MINNESOTA POWER & LIGHT COMPANY
A Minnesota Corporation
IRS Employer Identification No. 41-0418150
30 West Superior Street
Duluth, Minnesota 55802
Telephone - (218) 722-2641
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Item 5. Other Events.
MINNESOTA POWER & LIGHT COMPANY AND ADESA ANNOUNCE DEFINITIVE MERGER AGREEMENT
Minnesota Power & Light Company (MPL-NYSE) and ADESA Corporation (SOLD-
NASDAQ) today announced that their respective boards of directors approved and
the parties have signed a definitive merger agreement.
On January 5, 1995, Minnesota Power and ADESA jointly announced that they
had entered into a letter of intent outlining terms of a merger under which
ADESA will become an 80 percent-owned subsidiary of Minnesota Power & Light
Company. Pursuant to the proposed merger, all shareholders of ADESA, other than
certain officers with respect to a portion of their shares, will receive
$17.00 in cash for each share of their ADESA common stock. The merger is
subject to approval by ADESA's shareholders and the satisfaction of
various other customary conditions.
ADESA Corporation owns and operates auto auctions and performs related
services, through which used cars and other vehicles are sold to franchised
automobile dealers and licensed used car dealers.
Minnesota Power is a diversified utility company headquartered in Duluth,
Minnesota.
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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.
Minnesota Power & Light Company
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(Registrant)
February 23, 1995 D. G. Gartzke
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D. G. Gartzke
Senior Vice President - Finance
and Chief Financial Officer
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