ALLENTOWN, Pa.---PP&L Resources Inc. (NYSE:PPL), parent company of Pennsylvania Power & Light Co., said today (10/23) that its board of directors will meet as appropriate to review PECO Energy Company's revised acquisition proposal.

The proposal from PECO, the former Philadelphia Electric Co., offers 0.921 shares of PECO common stock for each share of PP&L Resources common stock. PECO said that its revised acquisition proposal will expire at the close of business on Nov. 3, and if the PP&L Resources board is not interested in the revised proposal, PECO will take no further action.

William F. Hecht, chairman, president and chief executive officer of PP&L Resources, said, "The terms of the revised proposal are different from the earlier unsolicited proposal set forth in PECO's Aug. 14 letter, which the PP&L Resources board rejected. Consistent with its practice, the board will diligently consider PECO's most recent offer and respond as appropriate."

On Sept. 5, the PP&L Resources board concluded that PECO's proposed acquisition, as described in PECO's Aug. 14 letter, was not in the best interests of PP&L Resources or its shareowners, customers, employees or the communities it serves.

PP&L Resources Inc. is the parent company of PP&L, which supplies electricity to a 10,000-square-mile area of 29 counties in Central Eastern Pennsylvania. Among the communities it serves are Allentown, Bethlehem, Harrisburg, Hazleton, Lancaster, Scranton, Wilkes-Barre and Williamsport.