SCIENCE/TECHNOLOGY
Ultrasystems’ merger with Hadson Corp., an Oklahoma City-based energy company, became official last Friday after shareholders of the Anaheim firm approved a stock swap valued at $85.4 million, or $10.75 a share.
Because of fluctuations in stock prices, the final price of the transaction was less than the $89-million figure cited when the companies announced the merger last October.
Ultrasystems is an engineering and construction firm involved in alternative energy systems. The merger forms the nation’s largest independent gas and electric company.
Russell Greengard, Ultrasystems’ senior vice president, retired Friday after 19 years with the Anaheim firm. He will work as a consultant to the company under a one-year contract. Philip Stevens, Ultrasystems’ founder and president, left the company earlier this year to work on American Indian causes. No replacements for Stevens or Greengard have yet been named.
Effective Monday, Hadson’s stock moved from the over-the-counter market to the New York Stock Exchange. Ultrasystems’ stock, formerly listed on the American Stock Exchange, will no longer be traded.
