Friday, September 7, 2007
TXU shareholders approve merger
Over 95% voted in favor of the merger.
DALLAS TXU Corp. today announced that its shareholders have approved the merger agreement with Texas Energy Future Holdings Limited Partnership (TEF). TEF was formed by a group of investors led by Kohlberg Kravis Roberts & Co. (KKR) and Texas Pacific Group (TPG) to facilitate the merger.
More than 340 million shares, or over 74 percent of the 461 million total outstanding shares of TXU Corp. common stock, were voted in favor of the adoption of the merger agreement. Approval required a vote of two-thirds of the outstanding shares. Of the shares voted, over 95 percent voted in favor of the merger.
Under the terms of the merger agreement, upon close of the merger, TXU shareholders will be entitled to $69.25 in cash for each share of TXU common stock held. The merger, which requires approval by the Nuclear Regulatory Commission and completion of other customary closing conditions, is expected to close in the fourth quarter of 2007.
“We are pleased that the shareholders have demonstrated with their votes that they agree with the board’s recommendation that the merger is in their best interests,” said TXU Corp. chairman and CEO C. John Wilder. “We will remain diligent in our efforts to obtain the additional regulatory approval and to close the transaction as soon as possible.”