Summary
This 8-K filing from Exelon Corporation announces a significant development regarding its proposed merger with Pepco Holdings, Inc. (PHI). The most crucial update for investors is the expiration of the Hart-Scott-Rodino (HSR) Act waiting period on December 22, 2014. This signifies that the U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) have concluded their initial antitrust review, removing a key regulatory hurdle for the transaction. While the HSR waiting period has expired and the DOJ has not taken action to block the merger, it's important to note that the DOJ has not explicitly concluded its investigation. The merger still requires approvals from several state public service commissions, including those in the District of Columbia, Delaware, Maryland, and New Jersey. Despite these remaining approvals, Exelon and PHI reiterate their expectation to close the merger in the second or third quarter of 2015.
Key Highlights
- 1Expiration of the Hart-Scott-Rodino (HSR) Act waiting period on December 22, 2014, removing a significant regulatory obstacle for the PHI merger.
- 2The U.S. Department of Justice (DOJ) did not take action to block the merger after the HSR waiting period expired.
- 3Regulatory approvals received from the Virginia State Corporation Commission and the Federal Energy Regulatory Commission.
- 4Federal Communications Commission (FCC) approval obtained for the transfer of certain communications licenses held by PHI subsidiaries.
- 5Merger completion remains contingent upon approvals from the public service commissions of the District of Columbia, Delaware, Maryland, and New Jersey.
- 6Exelon and PHI continue to target a merger completion in the second or third quarter of 2015.
- 7The filing includes standard cautionary statements regarding forward-looking information and associated risks.