Hawaiian Electric approached by takeover hui - Hawaii News Now - KGMB and KHNL

Hawaiian Electric approached by takeover hui

 By Howard Dicus - bio | email 

HONOLULU (HawaiiNewsNow) - An investment group is forming which proposes to acquire Hawaiian Electric Industries Inc., take the company private, realign it for alternative fuels, then take it public again.

 The hui, led by venture capital Ronald Marth, has formed a company for Huakoa for the purpose of pursuing the project. Marth is CEO. Its chairman is Richard Ha, owner of Hamakua Springs Country Farms, and its president is Ted Peck, who just stepped down as state energy administrator.

 Marth and Peck told Pacific Business News the need to generate dividends has impelled HEI management to pursue alternative energy through large deals that benefit lenders but raise electric rates. They said as a private company it would be easier to reduce dependence on oil imports.

 Hawaiian Electric Industries owns the power utilities on Oahu, Maui and the Big Island, and also owns American Savings Bank. Marth said he would spin off the bank, Hawaii's third largest financial depository institution.

 The company, in a filing Friday to the Securities & Exchange Commission, confirmed it had been approached by Marth, but said that contact so far consisted of a single email transmitted late Thursday.

 "We have a fiduciary obligation to our shareholders, customers and community to consider any valid proposal to purchase our company," HEI said. "If we receive a formal proposal, we will evaluate it, but we have nothing to date."

 Copyright 2011 by HawaiiNewsNow. All rights reserved.

Powered by Frankly