Utah Power & Light Co.'s board of directors will reconvene Friday to take action on final details to close the merger with PacifiCorp.
Company directors met Wednesday during a regular monthly board meeting but took no action on merger issues. Officials said final decisions would be made when PacifiCorp's board also meets Friday.But both utilities sounded upbeat that the $2 billion deal would close.
"We are optimistic the merger will be consummated in early 1989," UP&L spokesman Dave Mead said.
Closing deadline is Thursday so directors meeting Friday must declare a new deadline date, schedule a trading period to determine the value of PacifiCorp's stock and review the mechanics of the stock swap.
Under the merger agreement, each UP&L share would be exchanged for PacifiCorp stock at a minimum of $32.25 and a maximum of $38 per share, based on a 10-day trading period before the deal closes.
The merger, which would make UP&L a division of Oregon-based PacifiCorp, has received regulatory approvals in Utah, six other states and the Federal Energy Regulatory Commission. Both companies have promised UP&L rates would drop 5 percent within five years.
One last approval is needed from the Nuclear Regulatory Commission to transfer a license for PacifiCorp's 21/2 percent ownership in a plant operating for some 11 years.
But both companies say that's not a problem and after approval is received or waived by the two companies' boards, the 10-day pricing period would begin.