Aquila (NYSE:ILA)
Historical Stock Chart
From May 2019 to May 2024
Great Plains Energy Incorporated (NYSE:GXP) and Aquila, Inc.
(NYSE:ILA), both of Kansas City, Missouri, announced today that the
Missouri Public Service Commission (MPSC) approved by a vote of 2 to 1,
with modifications and conditions, the joint application of Great Plains
Energy, Kansas City Power & Light (KCP&L) and Aquila related to the
proposed acquisition of Aquila by Great Plains Energy.
With the issuance of this order, the parties have scheduled a tentative
closing date of July 14, 2008, subject to the satisfaction or waiver of
the conditions to closing set forth in the merger agreement (including
confirmation by the respective Boards of Directors that, with the
closing of the proposed sale of Aquila’s
natural gas utilities in Colorado, Kansas, Nebraska and Iowa and
Colorado electric utility properties to Black Hills Corporation
(NYSE:BKH) and the delivery of the required closing certificates, all
conditions to closing will have been satisfied).
When issued, the order, including any required conditions, will be
publicly available on the Commission's website at: https://www.efis.psc.mo.gov/mpsc/Docket.asp?caseno=EM-2007-0374
At closing, Great Plains Energy, the parent of KCP&L, 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 Energy
common stock for each share of Aquila common stock. In addition, Great
Plains Energy will assume Aquila’s net debt
remaining after closing.
Immediately prior to Great Plains Energy’s
acquisition of Aquila, Black Hills Corporation will acquire from Aquila
its electric utility in Colorado and natural gas utility properties
along with the associated liabilities.
Upon consummation of the transactions, Aquila shareholders will own
approximately 27 percent of Great Plains Energy common stock, which
currently pays an annual dividend of $1.66 per share.
ABOUT GREAT PLAINS ENERGY
Great Plains Energy, headquartered in Kansas City, Mo., is the holding
company for Kansas City Power & Light, a leading regulated provider of
electricity in the Midwest. The company's Web site is www.greatplainsenergy.com.
ABOUT AQUILA
Based in Kansas City, Mo., Aquila owns electric power generation and
operates electric and natural gas transmission and distribution networks
serving approximately 900,000 customers in Colorado, Iowa, Kansas,
Missouri and Nebraska. More information on Aquila is available at www.aquila.com.
FORWARD-LOOKING STATEMENTS
Statements made in this release that are not based on historical facts
are forward-looking, may involve risks and uncertainties, and are
intended to be as of the date when made. Forward-looking statements
include, but are not limited to, statements regarding projected
delivered volumes and margins, the outcome of regulatory proceedings,
cost estimates of the Comprehensive Energy Plan and other matters
affecting future operations. In connection with the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, the
registrants are providing a number of important factors that could cause
actual results to differ materially from the provided forward-looking
information. These important factors include: future economic conditions
in the regional, national and international markets, including but not
limited to regional and national wholesale electricity markets; market
perception of the energy industry, Great Plains Energy and KCP&L changes
in business strategy, operations or development plans; effects of
current or proposed state and federal legislative and regulatory actions
or developments, including, but not limited to, deregulation,
re-regulation and restructuring of the electric utility industry;
decisions of regulators regarding rates KCP&L can charge for
electricity; adverse changes in applicable laws, regulations, rules,
principles or practices governing tax, accounting and environmental
matters including, but not limited to, air and water quality; financial
market conditions and performance including, but not limited to, changes
in interest rates and credit spreads and in availability and cost of
capital and the effects on pension plan assets and costs; credit
ratings; inflation rates; effectiveness of risk management policies and
procedures and the ability of counterparties to satisfy their
contractual commitments; impact of terrorist acts; increased competition
including, but not limited to, retail choice in the electric utility
industry and the entry of new competitors; ability to carry out
marketing and sales plans; weather conditions including weather-related
damage; cost, availability, quality and deliverability of fuel; ability
to achieve generation planning goals and the occurrence and duration of
planned and unplanned generation outages; delays in the anticipated
in-service dates and cost increases of additional generating capacity
and environmental projects; nuclear operations; ability to enter new
markets successfully and capitalize on growth opportunities in
non-regulated businesses and the effects of competition; workforce risks
including retirement compensation and benefits costs; performance of
projects undertaken by non-regulated businesses and the success of
efforts to invest in and develop new opportunities; the ability to
successfully complete merger, acquisition or divestiture plans
(including the acquisition of Aquila, Aquila’s
sale of assets to Black Hills Corporation and the conditions imposed by
regulatory approvals required for the transactions); and other risks and
uncertainties. Other risk factors are detailed from time to time in
Great Plains Energy’s most recent quarterly
report on Form 10-Q or annual report on Form 10-K filed with the
Securities and Exchange Commission. This list of factors is not
all-inclusive because it is not possible to predict all factors.