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Meeting dates set in Aquila, Great Plains merger vote
By Lisa Kerner
Charlotte, N.C., Aug. 28 - Aquila, Inc. shareholders will vote Oct. 9 and Great Plains Energy Inc. shareholders will vote Oct. 10 on the proposed merger of the two companies. The record date for both meetings is Aug. 27.
In addition, the Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the Aquila/Black Hills Corp. merger and the Aquila/Great Plains merger effective Aug. 27, according to a news release.
As previously reported, Black Hills and Great Plains will each acquire portions of Aquila in separate transactions.
Great Plains will acquire all the outstanding shares of Aquila and its Missouri-based electric utility assets for $1.80 in cash plus 0.0856 of a share of Great Plains common stock for each share of Aquila common stock. The transaction, valued at $4.54 per share or about $1.7 billion, includes the assumption of some $1 billion of Aquila's net debt.
Black Hills will acquire Aquila's electric utility in Colorado, its gas utilities in Colorado, Kansas, Nebraska and Iowa and its associated liabilities for $940 million in cash immediately prior to Great Plains' acquisition of Aquila.
Based in Kansas City, Mo., Aquila owns electric power generation assets and operates electric and natural gas transmission and distribution networks.
Great Plains is a Kansas City, Mo., holding company for Kansas City Power & Light and Strategic Energy, LLC. Black Hills is a diversified energy company based in Rapid City, S.D.
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