Constellation Energy Mails Definitive Proxy Statement and Schedules Special Meeting of Shareholders on Dec. 23, 2008
November 25 2008 - 6:05AM
Business Wire
MidAmerican Energy Holdings Company and Constellation Energy
(NYSE:CEG) today announced that Constellation Energy filed its
definitive proxy statement with the U.S. Securities and Exchange
Commission and commenced mailing the statement to shareholders in
connection with the companies� $26.50 per share merger announced
Sept. 19, 2008. �The board of directors believes the $26.50 per
share offer from MidAmerican is the best alternative for
shareholders, and as a result, strongly recommends that
shareholders vote in favor of this transaction,� said Mayo A.
Shattuck III, chairman, president and chief executive officer of
Constellation Energy. �The continued deterioration in global credit
and commodity markets leads us to conclude that combining with a
well-capitalized strategic partner like MidAmerican is the best
outcome for Constellation Energy and its shareholders.�
Constellation Energy also announced a special meeting of
shareholders will be held on Dec. 23, 2008. Shareholders of record
on Nov. 14, 2008, are entitled to receive notice of and to vote at
the special meeting. Under the terms of the merger agreement, upon
the consummation of the merger, shareholders of Constellation
Energy will be entitled to receive $26.50 in cash for each share of
common stock held at the effective time of the merger. The parties
expect to complete the transaction in the second quarter of 2009.
The definitive agreement has been approved by both companies�
boards of directors and is subject to, among other things,
shareholder and customary federal and state regulatory approvals.
Information about the transaction is available at
www.constellationmidamerican.com. About Constellation Energy
Constellation Energy (www.constellation.com), a FORTUNE 125 company
with 2007 revenues of $21 billion, is the nation�s largest
competitive supplier of electricity to large commercial and
industrial customers and the nation�s largest wholesale power
seller. Constellation Energy also manages fuels and energy services
on behalf of energy intensive industries and utilities. It owns a
diversified fleet of 83 generating units located throughout the
United States, totaling approximately 9,000 megawatts of generating
capacity. The company delivers electricity and natural gas through
Baltimore Gas and Electric Company (BGE), its regulated utility in
Central Maryland. About MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is
a global provider of energy services. Through its energy-related
business platforms, MidAmerican provides electric and natural gas
service to more than 6.9 million customers worldwide. These
business platforms are Pacific Power, Rocky Mountain Power and
PacifiCorp Energy, which comprise PacifiCorp; MidAmerican Energy
Company; CE Electric UK; Northern Natural Gas Company; Kern River
Gas Transmission Company; and CalEnergy. Information about
MidAmerican is available at www.midamerican.com. Forward-Looking
Statements and Additional Information This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements relating to the proposed transaction between
Constellation Energy and MidAmerican Energy Holdings Company and
the expected timing and completion of the transaction. Words such
as �anticipate,� �believe,� �plan,� �estimate,� �expect,� �intend,�
�will,� �should,� �may� and other similar expressions are intended
to identify forward looking statements. Such statements are based
upon the current beliefs and expectations of our management and
involve a number of significant risks and uncertainties, many of
which are difficult to predict and generally beyond the control of
Constellation Energy and MidAmerican. Actual results may differ
materially from the results anticipated in these forward-looking
statements. The following factors, among others, could cause or
contribute to such material differences: the ability to obtain the
approval of the transaction by Constellation Energy�s shareholders;
the ability to obtain governmental approvals of the transaction or
to satisfy other conditions to the transaction on the terms and
expected time frame or at all; transaction costs; economic
conditions; a material adverse change in the business, assets,
financial condition or results of operations of Constellation
Energy; a material deterioration in Constellation Energy�s retail
and/or wholesale businesses and assets; and the effects of
disruption from the transaction making it more difficult to
maintain relationships with employees, customers, other business
partners or government entities. Additional factors that could
cause our results to differ materially from those described in the
forward-looking statements can be found in Constellation Energy�s
periodic reports filed with the Securities and Exchange Commission
and in the proxy statement Constellation Energy has filed with the
Securities and Exchange Commission and has mailed to its
shareholders with respect to the proposed transaction, each of
which are or will be available at the Securities and Exchange
Commission�s Web site (http://www.sec.gov) at no charge. This
communication is being made in respect of the proposed merger
transaction involving Constellation Energy and MidAmerican Energy
Holdings Company. In connection with the proposed transaction,
Constellation Energy has filed with the Securities and Exchange
Commission a definitive proxy statement, which Constellation Energy
has mailed its shareholders. Shareholders are encouraged to read
the definitive proxy statement regarding the proposed transaction
because it contains important information. Shareholders may obtain
a free copy of the proxy statement, as well as other filings made
by Constellation Energy regarding Constellation Energy, MidAmerican
Energy Holdings Company and the proposed transaction, without
charge, at the Securities and Exchange Commission�s Web site
(www.sec.gov). These materials also can be obtained, when
available, without charge, by directing a request to Innisfree
M&A, Inc. at 877-717-3923. Constellation Energy, MidAmerican
Energy Holdings Company and their respective directors and
executive officers and other persons may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information regarding Constellation Energy�s
directors and executive officers is available in Constellation
Energy�s Current Reports on Form 8-K, notice of annual meeting and
proxy statement for its most recent annual meeting, Annual Report
on Form 10-K for the year ended Dec. 31, 2007, and the definitive
proxy statement related to the proposed transaction, previously
filed with the Securities and Exchange Commission.
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