St. Joseph News Press
Missouri Public Service Commission Issues Order Approving Great Plains Energy And Aquila Transaction
VIEW PDF OF PRESS RELEASE
Kansas City, Mo. (July 1, 2008) — 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 to1, 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.
