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April 14, 2021

Westar Great Plains Merger Agreement

Filed under: Uncategorized — admin @ 6:19 pm

In accordance with the merger agreement between the two companies, Westar Energy shareholders received a valid, fully paid and non-valuable common share of the new holding company against a Westar share. A Great Plains Energy share was converted into the right to convert an Evergy common share to 0.5981. KANSAS CITY, Mo. and TOPEKA, Kan.—Westar Energy, Inc. (NYSE: WR) and Great Plains Energy Incorporated (NYSE: GXP) announced today that the boards of directors of both companies have unanimously approved a revised transaction that does not include award-winning or received national services for both companies, no transaction debt, no exchange of cash, and is a 50/50 share merger between a company with a capital value of approximately $14 billion. The new combined company will provide power services to approximately one million customers in Kansas and nearly 600,000 customers in Missouri. The combined company will have a new name that does not yet need to be established. Following the merger, the size of Holdco`s board of directors would be determined by GPE and Westar. The transaction agreement also stated that Holdco, KCP-L and Westar would have separate capital structures to finance each company`s operations and operations. Die gemeinsamen Movants sind sich einig, dass die Fusion vorbehaltlich der in der Vergleichsvereinbarung enthaltenen Bedingungen enthaltenen Bedingungen das `ffentliche Interesse f├árdert und von der Kommission genehmigt werden, hei`t es. “We are pleased to announce a revised agreement with Westar Energy that we believe directly expresses regulatory concerns with our originally planned transaction, while increasing long-term value and opportunities for growth for our shareholders, customers, communities and employees,” said Terry Bassham, President, President and Chief Executive Officer of Great Plains Energy. “We push our communities – through energy production, but also through the jobs we support, the value we create for shareholders and the support of the community we offer.

The combination of Great Plains Energy and Westar Energy into a stronger, more diversified regulated procurement company has compelling strategic, operational and financial advantages. Together, we expect to offer our shareholders far more value than we can on our own. Great Plains Energy, Westar Energy and their respective directors, as well as some of their executives and employees, may be considered participants in obtaining the voting rights of Great Plains Energy and Westar Energy shareholders with respect to the proposed merger, in accordance with SEC rules. Information about Great Plains Energy`s executives and directors is included in the final proxy statement for the 2017 annual meeting, which was submitted to the SEC on March 23, 2017. Information about Westar Energy`s executives and directors is contained in a change in the management report on Form 10-K for the year ended December 31, 2016, which was submitted to the SEC on April 28, 2017. Further information on the identity of potential participants and their direct or indirect interests through securities, holdings or other means are specified in the registration statement and the joint/prospectus mandate and any other material submitted to the SEC in connection with the proposed merger. Free copies of these documents are available as shown in the previous paragraphs. As part of the agreement, Great Plains Energy will exchange all previously issued debt and convertible preferred shares issued under the previous Westar Energy acquisition plan.

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