New Mexico Supreme Court Clears Blackstone's $11.5 Billion TXNM Energy Acquisition
New Mexico's state Supreme Court has ruled that TXNM Energy chairman Don Zimmer did not breach his duty of good faith in the company's $11.5 billion sale, allowing the acquisition by BlackRock to move forward.
Shareholders had alleged Zimmer stood to gain more than $211 million in stock compensation tied to pushing the sale of TXNM to BlackRock, the world's largest asset manager, the Albuquerque Journal reported. A lower court ruled against Zimmer in July; the state Supreme Court's decision reverses that outcome. The deal still requires regulatory approval. 'Chairman Zimmer is greatly encouraged by this ruling and remains steadfastly committed to leading TXNM Energy for the benefit of New Mexicans and electric customers,' said Stephanie N. Nanasi, outside counsel to TXNM Energy. (GSM, via the Albuquerque Journal)
Source: GSM · USA (original Chinese edition)
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