Summary
This 8-K filing by Exelon Corporation on May 18, 2015, provides an update on the status of its proposed merger with Pepco Holdings, Inc. (PHI). Exelon announced its commitment to fulfill modified and more stringent conditions and customer benefit packages imposed by the Maryland Public Service Commission (MPSC) in its order approving the merger. This decision follows the MPSC's approval on May 15, 2015, which included certain modifications to the original merger terms. While the MPSC approval is a significant step, the merger is still contingent upon obtaining approvals from the public service commissions of Delaware and the District of Columbia. The Hart-Scott-Rodino Act clearance has been obtained. Exelon and PHI reiterate their expectation to close the merger in the second or third quarter of 2015, pending these remaining regulatory approvals. Investors should note that the MPSC has imposed additional conditions, which Exelon has agreed to meet.
Key Highlights
- 1Exelon Corporation has committed to fulfilling modified and more stringent conditions set by the Maryland Public Service Commission (MPSC) for its merger with Pepco Holdings, Inc. (PHI).
- 2The MPSC issued an order approving the merger on May 15, 2015, but with several modified conditions and a package of customer benefits.
- 3Exelon and PHI have completed their review of the MPSC order and have agreed to comply with its terms.
- 4The merger still requires approval from the public service commissions of Delaware and the District of Columbia.
- 5Regulatory clearance under the Hart-Scott-Rodino Act has been obtained.
- 6The expected closing date for the merger remains the second or third quarter of 2015, subject to the remaining regulatory approvals.