Morningstar - Great Plains Energy Incorporated (GXP) Kansas regulators reject Great Plains acquisition of Westar.

Report

Morningstar

Charles Fishman

EUR 98.48 For Business Accounts Only

Kansas regulators reject Great Plains' acquisition of Westar.

We plan to cut our fair value estimate for Westar Energy by 25% after Kansas regulators surprised us--and the market--by rejecting the company's proposed $12.2 billion merger with Great Plains Energy.Â We thought Great Plains' offer was significantly overpriced at the time it was announced, leading us to cut our fair value estimate for that firm by $4 per share. We think it is unlikely the deal can be restructured after the Kansas rejection and plan to add back the $4 to our fair value estimate. ...

27/04/2017 14 EN

Underlying

Great Plains Energy Incorporated

Great Plains Energy is a public utility holding company. The company's wholly owned direct subsidiaries with operations are as follows: Kansas City Power & Light Co., a regulated electric utility that provides electricity to customers primarily in Missouri and Kansas; and KCP&L Greater Missouri Operations Co., a regulated electric utility that provides electricity to customers in Missouri and regulated steam service to certain customers in St. Joseph, MO. The company also wholly owns GPE Transmission Holding Company, LLC (GPETHC), which owns 13.5% of Transource Energy, LLC, and focuses on developing electric transmission projects.

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US3911641005 United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Charles Fishman

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Kansas regulators reject Great Plains' acquisition of Westar.

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Great Plains/Westar Merger Expected to Close About June 1; Raising FVE to Reflect Deal Terms

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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