AES Clears Last Hurdle for Merger - Analyst Blog
23 Novembro 2011 - 12:45PM
Zacks
The AES Corporation (AES) announced that it has
received approval from the Public Utilities Commission of Ohio
(PUCO) for its acquisition of DPL Inc. (DPL). The
transaction is expected to close as early as November 28, 2011.
Earlier, in April 2011, the companies announced that AES will
acquire DPL in a transaction valued at $4.7 billion. The companies
filed their merger application with the PUCO on May 18, 2011.
AES will acquire all of the outstanding shares of DPL for
approximately $3.5 billion in cash, or $30 per share, representing
an 8.7% premium over DPL’s closing share price on April 19, 2011.
AES will also assume DPL's net debt of $1.2 billion.
Upon closure of the transaction, DPL will become a wholly owned
subsidiary of AES. The parties expect to complete the merger in the
fourth quarter of 2011 or first quarter of 2012.
Upon completion of the transaction, DPL’s common stock will
cease to trade publicly, and each outstanding share of DPL’s common
stock will be converted into a right to receive a cash amount of
$30 per share, without interest. AES estimates post-acquisition its
adjusted earnings per share for fiscal year 2011 to be in the range
of $0.97–$1.03.
Arlington, Virginia-based AES Corporation is a global power
company and is involved in the generation, distribution,
transmission and selling of electricity to end-customers in the
residential, commercial, industrial and governmental sectors. AES
Corporation’s businesses encompass 28 countries across 5 continents
representing a highly-diversified earnings base.
AES Corporation boasts of a highly diversified earnings base.
Geographic disparity in its target markets has resulted in a
portfolio that is well positioned for capitalizing on regional
differences in power prices and weather-driven demand. However,
these positives are dampened by factors like commodity price risk
and currency volatility. The company presently retains a short-term
Zacks #3 Rank (Hold). We have a long-term Neutral recommendation on
the stock.
AES CORP (AES): Free Stock Analysis Report
DPL INC (DPL): Free Stock Analysis Report
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