Great Plains, Westar schedule shareholder meetings on merger

August 25, 2016 05:05 PM Eastern Daylight Time

KANSAS CITY, Mo. & TOPEKA, Kan.–(BUSINESS WIRE)–Great Plains Energy Incorporated (NYSE: GXP), the parent company of KCP&L, and Westar Energy, Inc. (NYSE: WR), today each announced special meetings on Monday, September 26, 2016, for their respective shareholders to vote on the companies’ proposed transaction.

  • Great Plains Energy’s Special Meeting of Shareholders will be held on September 26, 2016, at 11:00 a.m. Eastern Daylight Time (10:00 a.m. Central Daylight Time) at Great Plains Energy Incorporated, One Kansas City Place, 1200 Main Street, Kansas City, Missouri, 64105
  • Westar Energy’s Special Meeting of Shareholders will be held on September 26, 2016 at 11:00 a.m. Eastern Daylight Time (10:00 a.m. Central Daylight Time) at Heritage Hall Building, Kansas Expocentre, 17th Street and Western Avenue, Topeka, Kansas 66612

Great Plains Energy’s common shareholders of record as of the close of business on August 24, 2016, and Westar Energy’s common shareholders of record as of the close of business on August 22, 2016, are entitled to vote their shares at the respective meetings in person or by proxy. Shareholders of both companies will receive the joint proxy statement/prospectus, which is being mailed to shareholders this week. The Securities and Exchange Commission declared effective the Great Plains Energy registration statement containing the joint proxy statement/prospectus on August 19, 2016. The document provides information for shareholders of both companies, as well as instructions for voting online, by mail, by telephone or in person.

Both the Great Plains Energy and Westar Energy Boards of Directors unanimously recommend that the companies’ respective shareholders vote “FOR” each of the applicable proposals relating to the acquisition. The combination of Great Plains Energy and Westar Energy will create a leading Midwest energy utility well positioned to:

  • Pursue increased attractive investment opportunities for the benefit of customers and shareholders;
  • Realize significant operating and cost efficiencies as a result of a strong geographic fit and complementary customer mix;
  • Deliver long-term shareholder value through an enhanced operating platform;
  • Accelerate earnings per share growth with more predictability, while keeping customer rates low;
  • Deliver top-quartile total shareholder returns; and
  • Maintain strong investment grade ratings with a solid free cash flow profile.

The acquisition, which was announced on May 31, 2016, remains on track to be completed in the spring of 2017, subject to satisfaction of customary closing conditions, including receipt of shareholder and regulatory approvals.

For more information please visit www.kcpl.com/westaracquisition.

About Great Plains Energy

Headquartered in Kansas City, Mo., Great Plains Energy Incorporated (NYSE: GXP) is the holding company of Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company, two of the leading regulated providers of electricity in the Midwest. Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company use KCP&L as a brand name. More information about the companies is available on the internet at www.greatplainsenergy.com or www.kcpl.com.

About Westar Energy

Westar Energy, Inc. (NYSE: WR) is Kansas’ largest electric utility. For more than a century, Westar has provided Kansans the safe, reliable electricity needed to power their homes, businesses and communities. Every day, Westar professionals generate and deliver electricity, protect the environment and provide excellent service to nearly 700,000 customers. Westar’s 2,400 employees live, volunteer and work in the communities they serve. The company has 7,200 MW of electric generation capacity fueled by wind, coal, uranium, natural gas and landfill gas. Westar also is a leader in electric transmission in Kansas. For more information about Westar Energy, visit us at www.WestarEnergy.com.