Great Plains Energy Inc.NYSE
Thu, Nov. 3, 5:14 PM
Wed, Nov. 2, 5:35 PM
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Tue, Nov. 1, 10:14 AM
Wed, Sep. 28, 5:26 PM
- Great Plains Energy (NYSE:GXP) is maintained with a Buy rating and $36 price target at Argus, which sees a favorable entry point to purchase shares "based on the company's improving fundamentals, investments in new infrastructure assets, and the carryover effect of earlier favorable rate case decisions."
- Argus expects GXP shareholders to receive annual returns of 5%-6% over the next 4-5 years from stronger KW-hour sales growth and completion of the Iatan 2 plant; it also sees enhanced shareholder value over the long term from GXP's acquisition of Westar Energy.
- The firm's $36 price target on the shares implies a ~30% potential total return, including the dividend yield, from current levels.
Tue, Sep. 27, 6:10 PM
- Great Plains Energy (NYSE:GXP) -1.7% AH after announcing concurrent public offerings of 52.6M common shares and 15M depositary shares representing interests in mandatory convertible preferred stock.
- GXP also grants underwriter options to purchase up to an additional 7.89M common shares and up to an additional 2.25Ml depositary shares.
- GXP says it plans to use the proceeds from the offerings to help finance its proposed acquisition of Westar Energy.
Tue, Aug. 16, 10:45 AM
- Great Plains Energy’s (GXP -0.8%) proposed $8.6B purchase of Westar Energy (WR -0.1%) is being closely examined by Missouri regulators, who could derail the deal even as GXP says it does not need the state’s permission for the merger.
- James Owen of the Missouri Office of Public Counsel contends that an earlier agreement between GXP and the state 15 years ago still requires any acquisition by the company to fall under Missouri jurisdiction.
- Owens also notes that WR has operations in Missouri as part owner of a power company in Joplin, which means it is subject to the state’s oversight.
Thu, Aug. 4, 5:14 PM
Wed, Aug. 3, 5:35 PM
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Wed, Aug. 3, 2:48 PM
- 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.
Tue, Aug. 2, 10:04 AM
Thu, Jun. 2, 3:34 PM
- Great Plains Energy (GXP -1.9%) is downgraded to Underweight from Equal Weight with a $28 price target at Barclays, which foresees regulatory and financing hurdles associated with closing its proposed $8.6B acquisition of Westar Energy (WR +0.2%).
- While GXP’s guidance is “defensible,” the regulatory calendar is very crowded and “the high sensitivity to financing costs the transaction employs through a great deal of leverage will cause the stock to underperform the utility group into the close of the transaction," Barclays analyst Daniel Ford writes.
- The firm has an Equal Weight rating on WR and a $60 price target, assuming the merger closes within 12 months.
Tue, May 31, 9:15 AM
Tue, May 31, 7:14 AM
- Great Plains Energy (NYSE:GXP) agrees to acquire Westar Energy (NYSE:WR) for $8.6B in cash and stock, in a major consolidation in the utilities sector.
- WR shareholders will receive $60/share - $51 in cash and $9 in GXP stock - a 13% premium to WR's closing price on Friday.
- The companies say the enterprise value of the deal is ~$12.2B, including WR's ~$3.6B of debt.
- GXP CEO Terry Bassham will be chairman and CEO of the combined company.
- Upon completion of the deal, GXP, the parent of Kansas City Power & Light, will have more than 1.5M customers in Kansas and Missouri.
- WR +8.9% premarket.
Thu, May 12, 3:56 PM
- Ameren (AEE -0.2%) is preparing to make a final takeover offer for Westar Energy (WR +0.5%), which has asked interested suitors to submit binding offers by May 23, Bloomberg reports.
- Great Plains Energy (GXP +0.2%) also may be interested in WR and has been seeking to partner with a financial investor such as a pension fund or infrastructure fund to help raise the cash necessary to buy its larger rival, according to the report.
- WR, the largest utility in Kansas, reportedly has been considering a sale amid a flurry of U.S. utilities mergers prompted by tepid power demand and mounting costs.
Mon, May 9, 11:58 AM
- Six energy companies announce the official launch of Grid Assurance, an independent company providing transmission sparing solutions for critical electric transmission equipment.
- The company is founded by affiliates of American Electric Power (NYSE:AEP), Berkshire Hathaway (BRK.A, BRK.B), Duke Energy (NYSE:DUK), Edison International (NYSE:EIX), Eversource Energy (NYSE:ES) and Great Plains Energy (NYSE:GXP) to enhance grid resiliency and give electric transmission owners faster access to long-lead time critical equipment necessary to recover from catastrophic events that could impact the U.S. electric grid.
- Michael Deggendorf, senior VP of Kansas City Power & Light, is named Grid Assurance CEO and will oversee the formation and operations of the company.
- Now read WSJ: Utilities seek to store and sell essential parts for disasters
Thu, May 5, 5:17 PM
- Great Plains Energy (NYSE:GXP): Q1 EPS of $0.17 beats by $0.03.