Westar Energy Inc.(1.9%)(WR–$53.02–NYSE)(NYSE:WR) is a Topeka, Kansas based electric utility company. On May 31, 2016, Westar agreed to be acquired by Great Plains Energy for $60 per share — $51 in cash consideration and $9 in Great Plains Energy common stock, for a total value of $12.2 billion. The deal was subject to shareholder and regulatory approvals and was expected to close in the spring of 2017, however the Kansas Corporation Commission blocked the deal. The companies reworked the merger in early July such that it became an all-stock merger of equals that addressed many of the Commission’s concerns. Westar shareholders will now receive one share of the newly combined company and Great Plains’ holders will receive 0.5981 of these shares. The newly crafted merger is expected to close in the first half of 2018.
From Mario Gabelli (Trades, Portfolio)'s second quarter 2017 Gabelli ABC Fund commentary.
