To the People

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Thursday, September 18, 2008

It's Days Like this that Make One Happy to Be Working for a Non-Profit

Today there are some awful long faces in the building that we share with Constellation Energy. One of the two remaining Fortune 500 companies based in Baltimore is sold to an Iowa based energy company after Constellation had lost 60% of its share value and was in danger of having it's credit rating slashed by S&P.
DES MOINES, Iowa - Iowa-based MidAmerican Energy Holdings Company has reached a tentative agreement with Constellation Energy to purchase outstanding shares of Constellation for $4.7 billion, or $26.50 per share, Constellation announced today.

The two companies plan to sign a definitive merger agreement by the end of business Friday.

After the deal is signed, Constellation will issue $1 billion in preferred stock to MidAmerican, the companies said.

The deal was unanimously approved by both companies' boards, but still requires approval from shareholders and governmental officials and is expected to close within nine months.

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