TXU announced this afternoon what we expected:
“A Motion to Stay was filed yesterday with the State Office of Administrative Hearings (SOAH) for seven coal-fueled power units that are under consideration in contested proceedings before SOAH.
The company also has suspended permitting activities related to an eighth permit, which was not a part of the contested proceedings.
The stay request is for a period of up to six months upon approval. Upon closing of the merger agreement with Kohlberg Kravis Roberts & Co. (KKR) and Texas Pacific Group (TPG) announced earlier this week, TXU plans to formally withdraw the eight pending air permit applications.”
TXU Chief Executive John Wilder also told Reuters today that a special committee of the board will contact as many as 60 entities as potential rival bidders as part of the “go-shop” clause in the KKR/TPC buyout deal.
Other bidders will have to at the very least match the $31.8 billion offer from the private equity firms.
As part of the deal, TXU has until April 16 to solicit and consider other offers.