Constellation Energy Declares Pro Rata Dividend in Preparation for Merger with Exelon Corporation
February 24 2012 - 12:39PM
Business Wire
Constellation Energy (NYSE: CEG) today announced that its board
of directors has declared a second-quarter dividend of 24 cents per
share on the company’s common stock. However, the amount and
payable date of the dividend, which equates to 96 cents per share
annually, is contingent upon the closing date of the company’s
pending merger with Exelon Corporation.
If the closing date of the merger is after June 11, a dividend
of 24 cents is payable on July 2, 2012, to shareholders of record
as of June 11, 2012. If the effective date of the merger is after
March 12, 2012 – the record date for the previously declared
quarterly dividend – but on or before June 11, 2012, the dividend
will be pro-rated, with shareholders receiving $0.00264 per share
per day starting March 13 and ending at the close of business the
day before the merger closes. The pro-rated dividend, which equates
to 24 cents per share for the full quarter, will be payable within
30 days after the merger closes to shareholders of record at the
close of business on the day before the merger is completed. In
accordance with the merger agreement, the pro rata dividend ensures
that shareholders continue to receive dividends at the current rate
until the closing of the pending merger with Exelon.
If the merger closes prior to March 12, 2012, the second-quarter
dividend will not be paid and shareholders will receive a pro-rated
first-quarter dividend at the rate of $0.00264 per share per day
starting Dec. 13, 2012 – the day after the record date for the
previous quarterly dividend – and ending the day before the merger
closes. The pro-rated first-quarter dividend, which was declared by
the board of directors on Oct. 21, 2011, will be paid within 30
days after the closing date of the merger to shareholders of record
at the close of business on the day before the merger is
completed.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading
competitive supplier of power, natural gas and energy products and
services for homes and businesses across the continental United
States. It owns a diversified fleet of generating units, totaling
approximately 12,000 megawatts of generating capacity, and is a
leading advocate for clean, environmentally sustainable energy
sources, such as solar power and nuclear energy. The company
delivers electricity and natural gas through the Baltimore Gas and
Electric Company (BGE), its regulated utility in Central Maryland.
A FORTUNE 500 company headquartered in Baltimore, Constellation
Energy had revenues of $13.8 billion in 2010.
Constellation Energy (NYSE:CEG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Constellation Energy (NYSE:CEG)
Historical Stock Chart
From Aug 2023 to Aug 2024