DPL shareholders OK acquisition by AES

Shareholders with DPL Inc. (NYSE: DPL) approved a bid by AES Corp (NYSE: AES) to acquire the Ohio-based company for $4.7 billion.

AES agreed to pay $30 per share in cash to DPL shareholders for a total of $3.5 billion in cash and assume $1.2 billion in net debt.

DPL Inc., the parent company of Dayton Power & Light Co., expects to finalize the deal in late 2011 or early 2012. The acquisition is subject to closing conditions and approvals from the Federal Energy Regulatory Commission and the Public Utilities Commission of Ohio.

Dayton Power & Light will keep its name and remain headquartered in Dayton, Ohio, for at least two years after the merger.

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