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To: goldsnow who wrote (6072)	2/19/1999 10:28:00 PM
From: P.Prazeres	Respond to of 78520

MTST announces earnings this wednesday. It trades at CASH + RECIEVABLES (their most liquid assets) and their earnings are expected to go from .20/share in '98 to about .35/share in '99. i.e., the value of its business isn't reflected at all in its stock price....it also doesn't have any long term debt. their phone line and cable testing equipment is tops in its industry.

To: goldsnow who wrote (6072)	2/22/1999 7:10:00 PM
From: goldsnow	Respond to of 78520

Bidding War Over Southwest Gas Corp Monday, 22 February 1999 R E N O , N E V . (AP) SOUTHWEST GAS Corp. became the target of a bidding war Monday as Southern Union Co. of Texas offered to top a deal the Nevada-based gas distributor had already struck with Oneok Inc. of Oklahoma. Southern Union's unsolicited proposal values Southwest Gas at $32 a share, or $973 million, beating the $28.50 a share, or $866 million, that Oneok agreed to pay. Southwest Gas issued a statement saying that while the merger agreement with Oneok remains in effect, its board of directors has authorized management "to commence substantive discussions" with Southern Union. The move by Southern Union took Oneok officials by surprise. "We based our offer on due diligence, consultation with investment advisors and sound business judgment," said Larry Brummett, Oneok chief executive officer. "We believe our offer is fair, competitive and still valid." Southwest Gas, based in Las Vegas, serves about 1.2 million customers in the fast-growing region of Nevada, Arizona and California. That growth makes Southwest Gas an attractive takeover target, a Southern Union executive said. "We believe that Southwest's rapidly growing customer base combined with Southern Union's experience as one of the most cost-effective operators in the industry would create significant value for shareholders," said George Lindemann, Southern Union chairman and chief executive. In announcing its proposal, Southern Union said the merger would make it the largest gas-only distribution company in the country. Oneok made the same claim when its pending deal was announced in December. Under Southern Union's proposal, Southwest Gas would operate out of Las Vegas as the Southwest Gas Division of Southern Union and keep its name in the local markets. Three Southwest Gas board members could join Southern Union's board. Southern Union's customer base would nearly double to 2.2 million customers if its bid is successful. Southern Union has customers in Texas, Missouri, Florida and Mexico. Oneok, the corporate parent of Oklahoma Natural Gas Co., spent 14 months working on the merger agreement that was approved by the Southwest Gas board of directors. That deal is still subject to approval from state regulators, the Federal Energy Regulatory Commission and Southwest Gas shareholders. Southwest Gas said it would make no further public announcement regarding its negotiations with Southern Union "until an agreement is reached or negotiations are terminated."

To: goldsnow who wrote (6072)	2/22/1999 7:15:00 PM
From: goldsnow	Respond to of 78520

Dominion Resources To Buy Gas Co. Monday, 22 February 1999 R I C H M O N D , V A . (AP) DOMINION RESOURCES Inc. will buy Consolidated Natural Gas in a $6.0 billion stock deal that will create a utility giant with nearly 4 million customers and $8.8 billion in annual revenue. The merger, announced Monday, will create the nation's fourth-largest gas and electric utility and gives Dominion Resources the size to remain competitive in an increasingly deregulated market. Under the deal approved Sunday by both companies' boards of directors, Dominion Resources would buy all shares of Pittsburgh-based CNG, one of the nation's largest producers, transporters, distributors and retail marketers of natural gas. When the deal was announced, it was worth $6.3 billion. However, investors sent both stocks falling. Consolidated closed down $1.06 1/4 to $55.18 3/4, while Dominion Resources fell $2.25 to $40, both in trading on the New York Stock Exchange. The move is strategically wise for Dominion Resources because it puts the company further into oil and gas exploration and production, said Thomas Hamlin, an analyst with First Union Capital in Richmond. It also gives Richmond-based Dominion Resources more retail customers and puts the company in more markets, Hamlin said. "It's a very good move, a necessary move," Hamlin said. Dominion has derived nearly all its earnings from its Virginia Power unit. The merger also is consistent with Dominion Resources' goals and the growing trend that unites electric generating companies with pipeline companies, Hamlin said. Pittsburgh-based CNG supplies natural gas to 1.9 million customers in Ohio, Pennsylvania, Virginia and West Virginia through its four distribution companies: East Ohio Gas Co., People's Natural Gas Co., Hope Gas Co. and Virginia Natural Gas. It also owns 7,600 miles of gas pipelines in New York, Pennsylvania, Ohio, Virginia, West Virginia and Maryland. "It's a natural fit for our shareholders, customers and employees," said George A. Davidson Jr., chairman and chief executive officer of CNG. "It's also important to note that DRI and CNG have similar corporate cultures, strategies and management styles." The combined company will be named Dominion Resources and have its headquarters in Richmond. Thomas E. Capps, Dominion Resources' chairman, president and chief executive, will serve as president and chief executive officer of the combined company. Davidson will serve as chairman until his previously announced retirement in August 2000. "It unites two of the most respected names in electricity and natural gas and provides us the critical mass needed for today's dynamic energy sector," Capps said. "We are creating a formidable platform for growth in a region that is home to 40 percent of the nation's demand for ener