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News Breaks
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April 11, 2010
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| 14:38 EDT |  | MIR, RRI, RRI |
| theflyonthewall.com: | Mirant, RRI Energy merging in an all-stock deal to form $3.1B GenOn Energy | | Mirant Corporation (MIR) and RRI Energy (RRI) announced that they have entered into a definitive agreement to create GenOn Energy, which will be one of the largest independent power producers in the United States, with approximately 24,700 megawatts-MW-of electric generating capacity and a pro forma market capitalization of $3.1B. The transaction is structured as an all-stock, tax-free merger. Under the terms of the merger agreement, which has been approved unanimously by the Boards of Directors of both companies, Mirant stockholders will receive a fixed ratio of 2.835 shares of RRI Energy common stock for each share of Mirant common stock they own. The ratio reflects an at-market transaction based on the volume-weighted average price for the preceding 10 trading days. Upon closing, which is expected before the end of 2010, Mirant stockholders will own approximately 54% of the equity of the combined company and RRI Energy stockholders will own approximately 46%. :theflyonthewall.com |
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