Mirant Withdraws Proposal to Acquire NRG
12 June 2006 - 11:00PM
PR Newswire (US)
ATLANTA, June 12 /PRNewswire-FirstCall/ -- Mirant Corporation
(NYSE:MIR) today withdrew its proposal to acquire NRG Energy, Inc.
(NYSE:NRG). Mirant Chairman and Chief Executive Officer Edward R.
Muller said, "We are disappointed that NRG was unwilling to sit
down with us to discuss what would have been a compelling
opportunity to create significant value for both companies'
shareholders. It is clear, however, that a long and contested
pursuit is not in the best interests of Mirant and its shareholders
and, as a result, we are withdrawing our proposal to acquire NRG.
We will continue our efforts to create value for Mirant's
shareholders." Mirant is a competitive energy company that produces
and sells electricity in the United States, the Caribbean, and the
Philippines. Mirant owns or leases approximately 17,300 megawatts
of electric generating capacity globally. The company operates an
asset management and energy marketing organization from its
headquarters in Atlanta. For more information, please visit
http://www.mirant.com/. Some of the statements included herein
involve forward-looking information. Mirant cautions that these
statements involve known and unknown risks and that there can be no
assurance that such results will occur. There are various important
factors that could cause actual results to differ materially from
those indicated in the forward-looking statements, such as, but not
limited to, legislative and regulatory initiatives regarding
deregulation, regulation or restructuring of the electric utility
industry; changes in state, federal and other regulations
(including rate regulations); changes in, or changes in the
application of, environmental and other laws and regulations to
which Mirant and its subsidiaries and affiliates are or could
become subject; the failure of Mirant's assets to perform as
expected; Mirant's pursuit of potential business strategies,
including the acquisition of additional assets or the disposition
or alternative utilization of existing assets; changes in market
conditions, including developments in energy and commodity supply,
demand, volume and pricing or the extent and timing of the entry of
additional competition in the markets of Mirant's subsidiaries and
affiliates; increased margin requirements, market volatility or
other market conditions that could increase Mirant's obligations to
post collateral beyond amounts which are expected; Mirant's
inability to access effectively the over-the-counter and
exchange-based commodity markets or changes in commodity market
liquidity or other commodity market conditions, which may affect
Mirant's ability to engage in asset management and proprietary
trading activities as expected; Mirant's inability to enter into
intermediate and long-term contracts to sell power and procure
fuel, including its transportation, on terms and prices acceptable
to Mirant; weather and other natural phenomena, including
hurricanes and earthquakes; war, terrorist activities or the
occurrence of a catastrophic loss; environmental regulations that
restrict Mirant's ability to operate its business; deterioration in
the financial condition of Mirant's customers or counterparties and
the resulting failure to pay amounts owed to Mirant or to perform
obligations or services due to Mirant; the disposition of the
pending litigation described in Mirant's Form 10-K for the year
ended December 31, 2005, and Form 10-Q for the quarter ended March
31, 2006, filed with the Securities and Exchange Commission;
political factors that affect Mirant's international operations,
such as political instability, local security concerns, tax
increases, expropriation of property, cancellation of contract
rights and environmental regulations; the inability of Mirant's
operating subsidiaries to generate sufficient cash flow and
Mirant's inability to access that cash flow to enable Mirant to
make debt service and other payments; the resolution of claims and
obligations that were not resolved during Mirant's Chapter 11
proceedings that may have a material adverse effect on Mirant's
results of operations and other factors discussed in Mirant's Form
10-K for the year ended December 31, 2005, and its Form 10-Q for
the quarter ended March 31, 2006. Stockholder inquiries: 678 579
7777 DATASOURCE: Mirant CONTACT: Media, David Reno or Jonathan
Gasthalter or Brooke Morganstein of Citigate Sard Verbinnen,
+1-212-687-8080; or Investor Relations, Mary Ann Arico,
+1-678-579-7553, or or Sarah Stashak, +1-678-579-6940, or , both of
Mirant Web site: http://www.mirant.com/
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