I have questioned Duke's motives in the past and mentioned the likelihood that Johnson was thrown out on yesterday's board. (Which WWAY has failed to update, so I don't know why I waste my time)
The bottom line is that Duke simply wanted Progress as the golden cash-cow. Duke, once one of the most respected public utilities in the world, squandered their reputation and a ton of cash in the California energy debacle, and they're hoping to buy their way back to prominence via Progress. Throughout this entire merger they have been less than forthright on everything from the changing stock buyout ratio to the secrecy about future dividends. (Trust me, it will be closer to Duke's $25 than Progress' $62.)
I sold all but 100 shares of Duke this morning. I made a large amount of money thanks to Progress, but I trust Duke as far as I can throw a grand piano.
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