Failed Great Plains deal won't derail Westar's growth.
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. 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. ...Westar Energy is an electric utility in Kansas. As of Dec 31 2017, the company provided electric generation, transmission and distribution services to approximately 708,000 customers in Kansas. The company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Kansas Gas and Electric Company, the company's wholly owned subsidiary, provides these services in south-central and southeastern Kansas, including the city of Wichita. The company also supplies electric energy at wholesale to municipalities and electric cooperatives in Kansas, and has contracts for the sale or purchase of wholesale electricity with other utilities.
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