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NorthWestern Corporation Responds to Buyout Offer from Montana Public Power, Inc. – Gov. Schweitzer believes cities could succeed

July 1, 2005 /

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NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWEC – News) today issued the following statement regarding a report that Montana Public Power, Inc. (MPPI) had approved issuance of an offer letter for the purchase of all of the outstanding stock of NorthWestern. Montana Public Power, Inc. is reportedly a nonprofit corporation which was formed by the Montana Public Power Authority. The Authority was reportedly formed in 2004 by the local governments of the cities of Bozeman, Great Falls, Helena, Missoula and Butte-Silver Bow city/county, Montana.

NorthWestern’s Board of Directors recently received an unsolicited informal proposal to purchase the outstanding shares of the Company by Montana Public Power, Inc. The reported offer letter appears to contain the same terms as those proposed in the informal proposal presented to NorthWestern’s Board.

After an evaluation of MPPI’s informal proposal, with the advice of the Company’s legal counsel and its financial advisor, NorthWestern’s Board of Directors concluded that the informal proposal is not in the best interests of NorthWestern and its stockholders.

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Schweitzer believes cities could succeed

By CHARLES S. JOHNSON – IR State Bureau

Gov. Brian Schweitzer said Thursday he’s confident five Montana cities can do a good job running NorthWestern Energy’s utility business in the state if company shareholders will sell them the company.

"The electric cooperatives around Montana have demonstrated that Montanans can manage electricity transmission and distribution,” he said in a phone interview. "I have no reason to believe that great managers in our cities across Montana couldn’t do the same.”

"The company we’ve got right now has x amount in liability,” Schweitzer said. "At least our cities have broad shoulders economically, and there will be no question in the minds of the consumers who the folks are working for.”

Full Story: http://www.helenair.com/articles/2005/07/01/montana/a09070105_01.txt