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Great Plains' $8.6B Westar takeover subject of DoJ review

Aug. 03, 2016 2:48 PM ETWestar Energy, Inc. (WR) StockGXP, WRBy: Carl Surran, SA News Editor2 Comments
  • Westar Energy (WR -1.4%) disclosed late yesterday that its $8.6B proposed takeover by Great Plains Energy (GXP -0.7%) is being investigated by the U.S. Justice Department.
  • WR said it received a letter from the DoJ in June requesting “certain documents and information" on a voluntary basis; the two companies say they are cooperating.
  • The disclosure comes less than a week after the staff of Missouri’s utility commission said the merger should be subject to a state review, threatening to hold up a transaction that WR and GXP have been expecting to close by the middle of next year.
  • WR also reported yesterday that its Q2 earnings missed expectations while reaffirming FY 2016 guidance for EPS of $2.38-$2.53, vs. $2.45 analyst consensus estimate.

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