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February 21, 2013
07:49 EDTESCarlson Capital raises EnergySolutions stake, opposes merger
Carlson Capital raised its stake in EnergySolutions to 9.9% from 8.8% and said it does not believe the current offer by Energy Capital Partners to acquire all shares of EnergySolutions for $3.75 per share pursuant to the merger agreement reflects the fair underlying value of EnergySolutions. Carlson Capital believes that the offer by ECP does not appropriately value the company's Zion project. In particular, Carlson believes that EnergySolutions and its investment banker, Goldman Sachs, are assigning insufficient value to the restricted cash associated with the Zion project. Carlson Capital does not currently intend to support the proposed merger on its current terms. Carlson said it intends to review its investment in EnergySolutions on a continuing basis and may have discussions with management, the board of directors, other shareholders and/or other relevant parties concerning the merger.
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