(San Francisco) - The rights issued under PG&E
Corporation's (NYSE: PCG) Shareholder Rights Plan expired
today concurrent with Pacific Gas and Electric Company's
exit from Chapter 11. The PG&E Corporation Board
of Directors voted in February to terminate the Shareholder
Rights Plan on the effective date of the utility's Chapter
11 plan of reorganization.
The expiration of the rights today is a response to
shareholders who supported a proposal at the Corporation's
2003 annual meeting to terminate the plan. It is also
a response to the improved financial and regulatory
circumstances arising from the utility's exit from Chapter
The Board adopted the Shareholder Rights Plan in December
2000, when the company faced the extraordinary financial
circumstances brought on by the California energy crisis.
The plan was intended to protect the Corporation's shareholders
in the event the Corporation was presented with inadequate
offers or coercive or unfair takeover tactics.