Great Plains and Westar Energy Deal Back on the Table, but Still on Life Support
We reaffirm our fair value estimates for Great Plains ($29 per share) and Westar Energy ($42 per share) after they asked Kansas regulators for more time to revise the merger terms that regulators rejected last month. We expect Kansas commissioners will grant the extension through May 31, but we still assume it is more likely than not that the merger will fail. We are reaffirming our moat and moat trend ratings.If the companies' counterproposal succeeds, we expect our deal-adjusted fair value es...
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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