Shareholders approve sale of Westar Energy to Great Plains

2 years 10 months 2 weeks ago Monday, September 26 2016 Sep 26, 2016 Monday, September 26, 2016 2:56:25 PM CDT September 26, 2016 in News
By: The Associated Press

TOPEKA, Kan. (AP) — Stockholders have approved the $12.2 billion sale of Topeka-based electric company Westar Energy to Missouri-based Great Plains Energy.

Both companies reported Monday that participating shareholders overwhelmingly approved the deal. Westar had a special meeting in Topeka and Great Plains had one in Kansas City, Missouri, to finish the voting.

Each firm said the holders of more than 60 percent of their shares participated. They said the owners of 95 percent or more of that stock approved the sale.

Federal and state regulators also must sign off on the deal. The companies hope to complete the sale next spring.

The companies have said combining would create efficiencies and keep consumers' rates in check. Westar stockholders would receive $51 in cash and $9 in Great Plains stock for each share.

 

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