P.M. BRIEFING : PacifiCorp Hikes Pinnacle Offer

PacifiCorp, the utility giant based in Portland, Ore., today increased to $1.82 billion its offer to acquire Arizona’s largest utility, Pinnacle West Capital Corp.

PacifiCorp also agreed to assume all of the debt of Pinnacle West and its subsidiary, Arizona Public Service Co., as part of the offer.

Steve Carr, a Pinnacle West spokesman, said the company’s board of directors would “seriously consider” the offer.

Pinnacle West’s board rejected three previous offers from PacifiCorp. The last offer, worth about $1.7 billion, was rejected in March as inadequate.

Under the new offer, Pinnacle West shareholders would receive $21 in cash for each share of stock they hold at the time of the acquisition. Pinnacle West stock sold for $12.75 at the close of trading Wednesday.