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TXU shareholders approve merger

TXU Corp’s shareholders have approved the USD32bn buyout by Texas Energy Future Holdings, formed by a group of investors led by Kohlberg Kravis Roberts and Texas Pacific Group.

TXU Corp’s shareholders have approved the USD32bn buyout by Texas Energy Future Holdings, formed by a group of investors led by Kohlberg Kravis Roberts and Texas Pacific Group.

More than 340 million shares, or over 74 per cent of the 461 million total outstanding shares of TXU Corp. common stock, were voted in favor of the adoption of the merger agreement. Approval required a vote of two-thirds of the outstanding shares. Of the shares voted, over 95 per cent voted in favor of the merger.

Under the terms of the merger agreement, upon close of the merger, TXU shareholders will be entitled to USD69.25 in cash for each share of TXU common stock held. The merger, which requires approval by the Nuclear Regulatory Commission and completion of other customary closing conditions, is expected to close in the fourth quarter of 2007.

‘We are pleased that the shareholders have demonstrated with their votes that they agree with the board’s recommendation that the merger is in their best interests,’ says TXU Corp chairman and CEO C John Wilder. ‘We will remain diligent in our efforts to obtain the additional regulatory approval and to close the transaction as soon as possible.’

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