Summary
Exelon Corporation (EXC) filed an 8-K on February 26, 2016, to report on the ongoing status of its proposed merger with Pepco Holdings, Inc. (PHI). The District of Columbia Public Service Commission (DCPSC) has presented new conditions under which the merger could be deemed approved, following its prior denial of an earlier settlement agreement. Exelon and PHI, along with other parties, entered into a settlement agreement in October 2015, which the DCPSC rejected on February 26, 2016. However, the DCPSC also indicated that the merger would be approved if the settlement agreement is modified to meet specific new conditions outlined in Order No. 18109. The parties have until March 11, 2016, to review these conditions and potentially resubmit an updated settlement. Exelon indicated it would provide further details on the next steps after reviewing the order and conferring with PHI and other involved parties.
Key Highlights
- 1Exelon Corporation (EXC) is providing an update on the proposed merger with Pepco Holdings, Inc. (PHI).
- 2The District of Columbia Public Service Commission (DCPSC) rejected a previously filed Settlement Agreement concerning the merger.
- 3The DCPSC has outlined new conditions under which the merger could be approved without further action, provided the conditions are met.
- 4Exelon, PHI, and other settling parties have until March 11, 2016, to review and potentially resubmit a modified Settlement Agreement.
- 5The DCPSC's decision and new conditions are detailed in Order No. 18109, available on the DCPSC website.