Pacificorp Offers to Acquire Pinnacle West

Pacificorp offered Friday to acquire Pinnacle West Capital Corp., three weeks after proposing a buyout of the company’s Arizona Public Service Co., its only profitable division.

Pacificorp, which has interests in electric utilities in seven Western states, made its offer contingent on the sale of MeraBank, Pinnacle West’s troubled savings bank subsidiary.

Portland-based Pacificorp offered to exchange 0.18 of a share of its own stock for each outstanding Pinnacle West share. Based on Pacificorp’s current stock price, the offer has an indicated value of nearly $8 a share, or a total of about $693.7 million, based on the company’s roughly 86.7 million outstanding shares.