<PAGE>
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) - JUNE 27, 2000
MINNESOTA POWER, INC.
A Minnesota Corporation
Commission File No. 1-3548
IRS Employer Identification No. 41-0418150
30 West Superior Street
Duluth, Minnesota 55802-2093
Telephone - (218) 722-2641
<PAGE>
ITEM 5. OTHER EVENTS.
For background information on the following update, reference is made to page 12
of the Annual Report on Form 10-K for the year ended December 31, 1999 and page
9 of the Form 10-Q for the quarter ended March 31, 2000 of Minnesota Power, Inc.
(Minnesota Power or Company).
On June 27, 2000 ADESA Corporation (ADESA), a wholly owned subsidiary of
Minnesota Power, signed a letter of intent with Manheim Auctions, Inc. (Manheim)
to buy eight ADT Automotive Holdings, Inc.'s (ADT) auctions and one Manheim
auction. In January 2000 Manheim agreed to purchase 28 ADT auctions. Following
Federal Trade Commission (FTC) review of the Manheim/ADT transaction, Manheim
agreed to sell the nine auctions ADESA intends to purchase. The ADESA/Manheim
transaction is subject to the negotiation and execution of a definitive purchase
agreement, completion of due diligence, Board approval, approval by the FTC and
satisfaction of various other customary conditions. The Company expects
to finance the transaction with long-term debt to be repaid over two to three
years.
The auctions included in the transaction are: Southwest Auto Auction located in
Phoenix, Arizona; Golden Gate Auto Auction located near San Francisco,
California; Southern States Vehicle Auction located in metro Atlanta, Georgia;
Metro Auto Auction of Kansas City located near Kansas City, Missouri; Puget
Sound Auto Auction located in the Seattle, Washington area; Colorado Springs
Auto Auction located in Colorado Springs, Colorado; and three Florida-based
auctions, Bayside Auto Auction in Tampa, Clearwater Auto Auction and
Orlando-Sanford Vehicle Auction. For the twelve months ended May 31, 2000, these
nine auctions sold approximately 400,000 vehicles and generated approximately
$130 million in revenue. With this purchase, ADESA will operate 55 vehicle
auction facilities throughout the United States and Canada.
-1-
<PAGE>
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, Inc.
---------------------------------
(Registrant)
June 28, 2000 D. G. Gartzke
---------------------------------
D. G. Gartzke
Senior Vice President - Finance
and Chief Financial Officer
-2-
