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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mirion Technologies Inc | NYSE:MIR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.70 | -6.44% | 10.17 | 10.55 | 9.72 | 10.55 | 5,725,967 | 00:24:27 |
U.S. independent power generators Mirant Corp. (MIR) and RRI Energy Inc. (RRI) announced plans to merge Sunday in a bid to cut costs and strengthen their financial standing in the face of challenging wholesale power markets.
Mirant and RRI Energy would become GenOn Energy, creating one of the nation's largest merchant power companies.
Both generators rely on market prices rather than regulated rates for the power they produce and don't own electric utilities. The all-stock deal is considered a merger of equals, with shareholders receiving equity in the new company based on their recent share prices.
Investors will be issued shares based on the volume-weighted, average price for the last 10 trading days, with Mirant stockholders getting a fixed ratio of 2.835 shares of RRI Energy for each of their shares.
On Friday, Mirant shares closed at $10.73, while RRI Energy shares closed at $3.95.
The deal comes as merchant power companies face near-term challenges. Wholesale power prices have been hit hard by back-to-back years of declining electricity demand in the U.S. and low natural gas prices, which have a strong influence on electricity prices.
The new, combined company will have generation in most U.S. electricity markets, with a total power plant capacity of nearly 25,000 megawatts, and a combined market capitalization of $3.1 billion.
-By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com
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