Close Vote Expected On Utility Merger

Sat., Aug. 17, 1996

Compiled From Wire Services

Western Resources Inc. said Friday it has succeeded in breaking up a proposed merger between Kansas City Power & Light Co. and UtiliCorp United Inc.

KCPL’s chairman said the claim was premature, but conceded the vote would be close.

Within minutes of the end of voting by KCPL shareholders, Western Resources said its proxy solicitors were estimating that just 47 percent of KCPL shares were voted in favor of the UtiliCorp merger, which values KCPL at $1.7 billion.

Western Resources, making its own $1.9 billion hostile takeover bid for KCPL, asked KCPL shareholders to send it their ballots.

The Topeka, Kan.-based utility said it was estimating that 51.1 million of KCPL’s 61.9 million outstanding shares were voted, and that 27.1 million or 53 percent were voted as against the UtiliCorp merger or as abstentions, which count as “no” votes.

Tabulation of the vote by an independent auditor is expected to take three to four weeks.

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Close Vote Expected On Utility Merger

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