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The majority of PNM Resources shareholders approved the merger agreement with Avangrid. Under the terms of the proposed merger, PNM Resources shareholders will receive $50.30 in cash for each share of PNM Resources common stock held at closing.
Of the shares voted, approximately 93 percent voted to approve the proposed merger agreement, reflecting approximately 70 percent of shares issued and outstanding on the record date. PNM Resources continues to anticipate that the closing of the merger will occur in the second half of 2021, subject to the satisfaction or waiver of the remaining customary conditions to closing, including among other things, receipt of other required state and federal regulatory approvals.
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