In May of 2024, ALLETE entered into an agreement to be acquired and brought private in a cash transaction of $67 dollars per share.
ALLETE has received shareholder approval, all necessary federal and state regulatory approvals and is now awaiting a written order from the Minnesota Public Utilities Commission. ALLETE will close on this transaction shortly after receiving the written order.
All shareholders will then receive their payout of $67 dollars per share along with a “stub dividend” payment. All registered shareholders will receive checks mailed to the address on record. If you hold your shares through a broker, please contact your broker for details on your ALLETE stock.
If you purchased ALLETE shares before 2011 and want to inquire about your ALLETE cost basis information, you can request that information by completing this online form. If you have ALLETE stock that was purchased after 2011, your cost basis information will be provided to you automatically via Form 1099-B. Shareholders will receive their 1099-B after close of the transaction.
If you have additional questions, please review the FAQs below.
In May 2024, ALLETE entered into an agreement to be acquired and taken private in a $67.00 per share all cash transaction. ALLETE has received all necessary federal and state approvals and upon receipt of a written order from the Minnesota Public Utilities Commission will close on the transaction shortly thereafter. Upon close of the transaction, all shareholders will receive $67.00 per share in cash.
ALLETE will close on the transaction shortly after receiving a written order from the Minnesota Public Utilities Commission. We expect to close before the end of 2025.
The agreed upon price of $67.00 per share will be paid out to registered shareholders automatically via a check mailed to the address on record. These shareholders do not need to do anything to receive the payment.
Note: Shareholders who hold ALLETE stock with a broker will receive payment through their broker and should speak with them about receiving the payment.
Subject to Board declaration, shareholders who hold ALLETE stock at closing of the transaction will receive a final stub period dividend payment as described in ALLETE’s Form 8-K. Payment of the stub period dividend, if declared, will be made after the transaction closes. Shareholders of record will not need to do anything additional to receive this payment.
If you have ALLETE stock that was purchased in 2011 or later, you will automatically receive your cost basis information on the Form 1099-B that will be mailed to you for tax purposes in early 2026.
For shares purchased prior to 2011, you will need to utilize your year-end statements to calculate the cost basis of your shares purchased prior to 2011. If you do not have your year-end statements, you may request them with this online form or by calling 218-355-3114 and choosing option 2 to speak to an ALLETE representative.
The sale of your ALLETE stock is a taxable event, and because of this you will need the cost basis information to calculate your capital gains for tax purposes. For more information on tax implications relating to the sale of your ALLETE stock, please reach out to your accountant or tax professional.