ML20065U306
| ML20065U306 | |
| Person / Time | |
|---|---|
| Site: | Wolf Creek  |
| Issue date: | 12/26/1990 |
| From: | Jonathan Evans KANSAS CITY POWER & LIGHT CO. |
| To: | Murley T Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 9101020221 | |
| Download: ML20065U306 (3) | |
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KANSAS CITY POWER & LIGHT COMPANY 8 3 40 DAtt McRt Avi>4Ut P O. DOR 448679 KANSAS CITY, MISSOURL 64141 9679 J. MICH AEL EVANS sa noo. vic e res tips n t
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December 26, 1990 Mr. Thomas E. Murley, Director Office of Nuclear Ronctor Regulat.lon United States Nuclear Regulatory Commission One White Flint North 11555 Rockville Piko Rockville, Maryland 20852 Re: Wolf Crook Concrating Station, Docket No.
50 4 8 2. Line.ngt.Jo. N PP-4 2
Dear Mr. Murley:
On July 23, 1990, I informed you that Kansas City Power & Light Company
("KCPL") had comnenced a cash tender offer to purchase all outstanding shares of Kansas Cas and Electric Company ("KCE").
As part of that offer, KCPI, filed applications socking regulatory approval of the proposed merger with the Federal Energy Regulatory Commission, Lho Kansas Corporation Commission and the Missouri Public Service Commission, and was prepared to sock the Nuclear Regulatory Commission's approval at tho appropriato stage in the morger, Subsequently, the Kansas Power and Light Company ("KPL") negotiated an agrooment with KCE under which KPL would acquire the shares of KCE and morge KCE into KPL.
After careful analysin of the agreement bet. ween KPL and KCE, our Board of Directors concluded that continuation of KCPL's tender of fer no longer was in the best intorest of KCPL's customers, employees and shareholders.
For that rea w n, on December 13, 1990, our Board voted to withdraw our tender offer for KGE's securitics, A copy of KCPL's press release announcing the withdrawal of our offer is attached.
I would like to take this opportunity to thank you and your staff for the courtenies extended to KCPL during our meeting to discuss our t.cnder offer, I
also want to assurc you that our withdrawal of this offer will not affect our ongoing commitment to the continued safe and officient operation of the Wolf Crock Cenerating Station, Very truly yours, JME/jw.
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Enclc.
cc:
Mr. Bart D. Wi thorn (WCNOC )
Mr. Frank J. Miraglia, Jr (NRC) 9101020221 90122<S PDR ADOCK 05000402 g () g PDR
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KANSAS CITY POWER & LIGHT COMPANY tJ3C 54?mosit Avt Ns,t es g tJ'phie KANSM CITY. MISS0CR! Ntal.4N l'
i FOR IMMEDIATE RELEASE 1
For: Kansas City Power & Light Company Contact! J. Turner White k
816/556-2997 g
Joele Frank Adams & Rinehart
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212/557-0100 KANSAS CITY POWER & LIGHT WITHDRAWS OFFER FOR KANSAS GAS AND ELECTRIC l
- t KANSAS CITY, MISSOUR1, December 13,1990 - Kansas City Power & Light Company (NYSE: KLT) announced today that it is terminating its tender offer for all outstanding common and preferred shares of Kansas Gas and Electric 5
Company (NYSE: KGE). Kansas City Power & Light also announced that it is withdrawing its applications for approval of its proposed merger with Kansas Gas and i
Electric at the Federal Energy Regulatory Commission (FERC), the Kansas 1
Corporation Commission and the Missouri Public Service Commission.
Drue Jennings,- President and Chief Executive Officer of Kansas City
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Power & Light, said, "We began our offer for Kansas Gas and Electric intent on achieving a negotiated transaction that would provide unequaled and tangible benefits to all the communities and constituencies served by boti:,ompanies, including customers, employees and shareholders. We still believe in the unique benefits of such a combination today. When we made our offer for KG&E, we believed we were making a full and fair offer. Our review of the information made available to us has confirmed our original analysis. Our board has concluded that it is not in the interest of our customers, employees and shareholders to competewith The Kansas Power and Light Company (NYSE: KAN) at the value levels they perceive. In light of this, we believe it is prudent at this time to withdraw our offer. Regardless of this decision, our customers will continue to receive the reliable, competitively-oriced power they have come to expect from Kansas City Power & Light."
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j Kansas City Power & Light has been informed by the Depositary that to date approximately 3,447,964 shares of Kansas Gas and Electric Common Stock, 32,234 shares of Kansas Gas and Electric 4-1/2% Preferred Stock,29,916 shares of 1
Kansas Gas and Electric 4.32% Preferred Stock and 21,614 shares of Kansas Gas and Electric 4.28% Preferred Stock have been tendered to Kansas City Power & Light.
The shares of Common Stock tender ed represent approximately 11 percent of Kansas Gas and Electric's outstanding Common Shares.
Kansas City Power & Light, hea dquartered in Kansas City, Missouri, is a t
3 medium-sized public ut!!!ty engaged n the generation, transmission, distribution and sale of electricity, In 1989, the company's revenues exceeded $730 million and its L
net income was $108.6 million. Kansas City Power & Lfght employs over 2,800 people and currently serves over 409,000 customers ranging across a 4,700 square mile area of western Missouri and eastern Kansas.
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