Wednesday, July 25, 2007
TXU CEO Wilder announces he’ll resign after pending merger
TXU Corp. chairman and chief executive officer John Wilder hasinformed TXU's board of directors that he'll resign once the imminent merger is done, although he'll stay with the company if the deal isn't approved.
Shareholders are being asked to vote on the previously announced merger agreement with Texas Energy Future Holdings Limited Partnership, an acquisition vehicle formed by a group of investors led by Kohlberg Kravis Roberts & Co. (KKR) and Texas Pacific Group (TPG), for which the board unanimously recommends a "FOR" vote. The annual meeting is scheduled for Friday, September 7. If the merger goes through, shareholders get $69.25 in cash per share.
Money manager Franklin Resources Inc, the biggest shareholder of TXU Corp., said it will vote against the buyout because it thinks the offer price is too low.
Posted by T.G.
