Power Group Online Article |  | |
2 April 2007 -- TXU said it has solicited interest from over 70 potential purchasers, including U.S. utility companies, non-U.S. utility companies, other energy companies and financial sponsors and infrastructure investors. TXU said it has entered into confidentiality agreements with nine of these entities and provided them confidential information regarding TXU and its subsidiaries.
Despite these efforts, through April 1, none of the parties contacted has submitted a formal proposal. The company said no indication exists that any of the parties is preparing a proposal that will be superior from either a price or transaction certainty perspective.
Under the terms of a definitive merger agreement announced February 26, an investor group led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group will acquire TXU in a transaction valued at $45 billion. Under terms of the merger agreement, shareholders will be paid $69.25 per share at closing. The transaction is subject to receipt of shareholder approval and required regulatory approvals, as well as satisfaction of other customary closing conditions. There is no financing condition to the transaction.
Under the merger agreement, TXU has the right to solicit other proposals through April 16, 2007.
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