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Constellation Energy (CEG) To Discuss Offer From Électricité de France
After reviewing the unsolicited proposal from EDF, Constellation Energy announced that it’s Board of Directors has authorized further communication with EDF regarding the offer. As of this point, however, the Board is still recommending that shareholders vote for the merger with Warren Buffet’s MidAmerican.
According to Constellation’s press release:
Constellation Energy said the decision to begin discussions with EDF was made following consultation with its legal and financial advisors, and in a manner consistent with its fiduciary responsibilities to shareholders, as well as its responsibilities under its definitive merger agreement with MidAmerican Energy Holdings Company.
The vote on the merger with MidAmerican is approaching fast, and is still scheduled for December 23, 2008.
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