Summary
This 8-K filing from Exelon Corporation on August 7, 2006, primarily concerns the ongoing merger proceedings with Public Service Enterprise Group Incorporated (PSEG) before the New Jersey Board of Public Utilities (NJBPU). Exelon's board of directors has authorized continued settlement discussions, building upon a "Settlement Proposal" presented on July 26, 2006. The company is aiming for a resolution within the established parameters of this proposal, with the NJBPU staff reportedly working diligently towards a settlement. Investors should note that the board has set a deadline of August 21, 2006, for concluding a satisfactory settlement agreement, after which a board meeting will be called to consider further actions or alternatives. The ongoing dialog and the NJBPU's commitment to daily work sessions suggest an active effort to finalize the merger approval, which remains subject to the board's ultimate approval. A joint statement with PSEG regarding these developments has been issued and is attached as an exhibit.
Key Highlights
- 1Exelon's board of directors authorized continued settlement discussions regarding the proposed merger with PSEG.
- 2The discussions are focused on obtaining approval from the New Jersey Board of Public Utilities (NJBPU).
- 3A "Settlement Proposal" presented on July 26, 2006, remains the framework for ongoing negotiations.
- 4The NJBPU staff is actively engaged and committed to working towards a settlement.
- 5Exelon has set a deadline of August 21, 2006, to conclude a satisfactory settlement agreement.
- 6If a satisfactory agreement is not reached by August 21, 2006, or earlier if deemed unproductive, Exelon's board will be convened.
- 7A joint statement with PSEG regarding these settlement efforts was issued on August 4, 2006.