13% Upside In Sale Of Westar Energy, But Deal Faces Challenges
Stock in Westar Energy recently traded $7 below its $60 sale price to Great Plains Energy.
The Kansas Corporation Commission staff recommended against the sale of Westar Energy while Gov. Sam Brownback favors the deal.
The KCC will decide the fate of the merger by April 24.
Stock in Westar Energy (NYSE:WR) recently traded at $53 per share - $7 below its sale price of $60 per share to Great Plains Energy (NYSE:GXP). The stock suffered a 3.6% decline from $55 per share after a seven-day hearing at the Kansas Corporation Commission. The commission heard arguments for and against the merger and is expected to make its decision on the deal by April 24.