Westar Energy (NYSE:WR) has agreed to be acquired by Great Plains Energy (NYSE:GXP), a company that is valued at $3 billion less than Westar.
Great Plains Energy, the parent company of Kansas City Power & Light, has a market capitalization of $4.5 billion compared with Westar Energy's market cap of $7.5 billion.
In the late 1990s, Westar tried to buy Kansas City Power & Light in a hostile takeover, but was spurned. Now the roles are reversed, and KCP&L's parent company is acquiring Westar Energy in a deal approved by the boards of directors at both companies.
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