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As Of Filer Filing For·On·As Docs:Size Issuer Agent 7/21/14 Pepco Holdings Inc PREM14A 7/21/14 1:12M Toppan Vite NY Inc./FA |
Document/Exhibit Description Pages Size 1: PREM14A Preliminary Proxy Statement HTML 2.72M
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Annex A |
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Amended and Restated Agreement and Plan of Merger, dated as of July 18, 2014 |
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Annex B |
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Opinion of Lazard Frères & Co. LLC, dated as of April 29, 2014 |
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Annex C |
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Opinion of Morgan Stanley & Co. LLC, dated as of April 29, 2014 |
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Annex D |
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Subscription Agreement, dated as of April 29, 2014 |
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Annex E |
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Certificate of Designation of Series A Non-Voting Non-Convertible Preferred Stock of Pepco Holdings, Inc., as filed with the Secretary of State of Delaware on April 30, 2014 |
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Annex F |
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Section 262 of the General Corporation Law of the State of Delaware |
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Proposal No. |
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Description of Proposal |
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Board’s Recommendation |
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1 |
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Merger Proposal: Adoption of the Merger Agreement, a copy of which is included as Annex A to this proxy statement. |
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FOR |
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2 |
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Merger Compensation Proposal: Approval, on a non-binding, advisory basis, of the compensation that may be paid or become payable to our named executive officers in connection with the completion of the Merger. |
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FOR |
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3 |
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Adjournment Proposal: Approval of an adjournment of the special meeting, if submitted to a vote, to solicit additional proxies if there are not sufficient votes at the time of the adjournment to adopt the Merger Agreement. |
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FOR |
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Proposal Number |
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Description of Proposal |
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Vote Required for Approval |
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Abstentions |
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Broker Non-Votes |
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1 |
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Merger Proposal |
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Majority of the shares of common stock that are outstanding and entitled to vote |
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Against |
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Against |
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2 |
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Merger Compensation Proposal |
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Majority of outstanding shares of common stock present at the special meeting and entitled to vote |
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Against |
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Not taken into account |
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3 |
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Adjournment Proposal, if submitted to a vote |
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Majority of outstanding shares of common stock present at the special meeting and entitled to vote |
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Against |
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Not taken into account |
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PHI Comparable Companies Multiples |
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Share Price to 2014E EPS(1) |
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15.2x – 17.2x |
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Share Price to 2015E EPS |
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14.7x – 16.1x |
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Enterprise Value to 2014E EBITDA(1) |
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8.4x – 10.2x |
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Enterprise Value to 2015E EBITDA |
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7.7x – 9.5x |
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Implied Price Per Share Range |
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Per Share Merger Consideration |
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---|---|---|---|---|---|
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$19.75 – $22.00 |
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$27.25 |
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Fiscal Year Ending December 31, |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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2014E |
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2015E |
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2016E |
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2017E |
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2018E |
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(in millions) |
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($267) |
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($110) |
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($71) |
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($15) |
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$24 |
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| | | | | | | | | |
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Implied Price Per Share Range |
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Per Share Merger Consideration |
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$21.75 – $25.00 |
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$27.25 |
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| | | |
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Announcement Date |
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Acquiror |
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Target |
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---|---|---|---|---|---|---|---|---|
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12/11/2013 |
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Fortis Inc. |
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UNS Energy Corporation |
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5/29/2013 |
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Berkshire Hathaway Energy Company (f/k/a MidAmerican Energy Holdings Company) |
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NV Energy, Inc. |
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2/21/2012 |
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Fortis Inc. |
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CH Energy Group, Inc. |
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7/12/2011 |
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Gaz Métro Limited Partnership |
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Central Vermont Public Service Corporation |
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4/28/2011 |
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Exelon Corporation |
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Constellation Energy Group, Inc. |
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4/20/2011 |
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The AES Corporation |
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DPL Inc. |
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1/10/2011 |
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Duke Energy Corporation |
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Progress Energy, Inc. |
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2/11/2010 |
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FirstEnergy Corp. |
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Allegheny Energy, Inc. |
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10/26/2007 |
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Macquarie Infrastructure Partners |
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Puget Energy, Inc. |
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6/25/2007 |
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Iberdrola, S.A. |
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Energy East Corporation |
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2/7/2007 |
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Great Plains Energy Incorporated / Black Hills Corp. |
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Aquila, Inc. |
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5/24/2005 |
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Berkshire Hathaway Energy Company (f/k/a MidAmerican Energy Holdings Company) |
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PacifiCorp |
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5/9/2005 |
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Duke Energy Corporation |
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Cinergy Corp. |
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Selected Precedent Transactions P/E Multiples |
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Selected Precedent Transactions Enterprise Value to EBITDA Multiples |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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High |
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|
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22.7x |
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9.8x |
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Mean |
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|
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16.9x |
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8.4x |
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Median |
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17.7x |
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8.7x |
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Low |
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11.9x |
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5.9x |
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| | | | | | | | |
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Implied Price Per Share Range |
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Per Share Merger Consideration |
|
---|---|---|---|---|---|
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$20.25 – $23.50 |
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|
$27.25 |
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| | | |
|
Implied Price Per Share Range |
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|
Per Share Merger Consideration |
|
---|---|---|---|---|---|
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$15.75 – $21.75 |
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|
$27.25 |
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| | | |
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Implied Price Per Share Range |
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|
Per Share Merger Consideration |
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---|---|---|---|---|---|
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$18.75 – $21.75 |
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$27.25 |
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| | | |
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Fiscal Year Ending December 31, |
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2014E |
|
|
2015E |
|
|
2016E |
|
|
2017E |
|
|
2018E |
|
|
(in millions) |
| ||||||||||||
|
($267) |
|
|
($110) |
|
|
($71) |
|
|
($15) |
|
|
$24 |
|
| | | | | | | | | |
|
Implied Price Per Share Range |
|
|
Per Share Merger Consideration |
|
---|---|---|---|---|---|
|
$17.50 – $20.75 |
|
|
$27.25 |
|
| | | |
|
Fiscal Year Ending December 31, |
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2014E |
|
|
2015E |
|
|
2016E |
|
|
2017E |
|
|
2018E |
|
|
(in millions) |
| ||||||||||||
|
($298) |
|
|
($143) |
|
|
($101) |
|
|
($44) |
|
|
($10) |
|
| | | | | | | | | |
|
Implied Price Per Share Range |
|
|
Per Share Merger Consideration |
|
---|---|---|---|---|---|
|
$19.75 – $22.75 |
|
|
$27.25 |
|
| | | |
|
Fiscal Year Ending December 31, |
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2014E |
|
|
2015E |
|
|
2016E |
|
|
2017E |
|
|
2018E |
|
|
(in millions) |
| ||||||||||||
|
($258) |
|
|
($63) |
|
|
($50) |
|
|
$16 |
|
|
$62 |
|
| | | | | | | | | |
|
Implied Price Per Share Range |
|
|
Per Share Merger Consideration |
|
---|---|---|---|---|---|
|
$24.00 – $27.50 |
|
|
$27.25 |
|
| | | |
|
Metric |
|
|
PHI Comparable Companies Multiples |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
Stock Price to 2015 estimated EPS |
|
|
|
|
15.0x – 16.3x |
|
| |
|
Stock Price to 2016 estimated EPS |
|
|
|
|
14.2x – 15.5x |
|
| |
|
Stock price to book value of stockholders’ equity |
|
|
|
|
1.4x – 1.6x |
|
| |
| | | | | |
|
|
|
|
2015 Price to EPS |
|
|
2016 Price to EPS |
|
|
Book Value of Common Equity |
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Representative range derived from comparable companies |
|
|
|
|
15.0x – 16.5x |
|
|
|
|
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14.0x – 15.5x |
|
|
|
|
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1.4x – 1.6x |
|
| |||
| | | | | | | | | | | |
|
Announcement Date |
|
|
Acquiror |
|
|
Target |
|
---|---|---|---|---|---|---|---|---|
|
12/11/2013 |
|
|
Fortis |
|
|
UNS Energy |
|
|
5/29/2013 |
|
|
MidAmerican Energy |
|
|
NV Energy |
|
|
2/21/2012 |
|
|
Fortis |
|
|
CH Energy Group |
|
|
10/26/2007 |
|
|
Macquarie-led Consortium |
|
|
Puget Energy |
|
|
6/25/2007 |
|
|
Iberdrola |
|
|
Energy East |
|
| | | | | |
|
|
|
|
2014E |
|
|
2015E |
|
|
2016E |
|
|
2017E |
|
|
2018E |
| ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Revenue |
|
|
|
$ |
4,862 |
|
|
|
|
$ |
5,058 |
|
|
|
|
$ |
5,242 |
|
|
|
|
$ |
5,412 |
|
|
|
|
$ |
5,495 |
|
| |||||
|
EBITDA |
|
|
|
$ |
1,259 |
|
|
|
|
$ |
1,377 |
|
|
|
|
$ |
1,506 |
|
|
|
|
$ |
1,642 |
|
|
|
|
$ |
1,693 |
|
| |||||
|
Net Income |
|
|
|
$ |
302 |
|
|
|
|
$ |
330 |
|
|
|
|
$ |
364 |
|
|
|
|
$ |
392 |
|
|
|
|
$ |
413 |
|
| |||||
|
EPS ($/share) |
|
|
|
$ |
1.20 |
|
|
|
|
$ |
1.30 |
|
|
|
|
$ |
1.42 |
|
|
|
|
$ |
1.50 |
|
|
|
|
$ |
1.51 |
|
| |||||
| | | | | | | | | | | | | | | | | |
|
|
|
|
2014E |
|
|
2015E |
|
|
2016E |
|
|
2017E |
|
|
2018E |
| ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Revenue |
|
|
|
$ |
4,874 |
|
|
|
|
$ |
5,111 |
|
|
|
|
$ |
5,299 |
|
|
|
|
$ |
5,470 |
|
|
|
|
$ |
5,557 |
|
| |||||
|
EBITDA |
|
|
|
$ |
1,270 |
|
|
|
|
$ |
1,429 |
|
|
|
|
$ |
1,563 |
|
|
|
|
$ |
1,700 |
|
|
|
|
$ |
1,755 |
|
| |||||
|
Net Income |
|
|
|
$ |
308 |
|
|
|
|
$ |
362 |
|
|
|
|
$ |
399 |
|
|
|
|
$ |
428 |
|
|
|
|
$ |
451 |
|
| |||||
|
EPS ($/share) |
|
|
|
$ |
1.23 |
|
|
|
|
$ |
1.43 |
|
|
|
|
$ |
1.56 |
|
|
|
|
$ |
1.65 |
|
|
|
|
$ |
1.69 |
|
| |||||
| | | | | | | | | | | | | | | | | |
|
Name |
|
|
Cash ($)(1) |
|
|
Equity ($)(2) |
|
|
Pension/ NQDC ($)(3) |
|
|
Perquisites/ Benefits ($)(4) |
|
|
Other ($)(5)(6) |
|
|
Total ($) |
| ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
— |
|
|
|
|
|
9,014,327 |
|
|
|
|
|
729,000 |
|
|
|
|
|
16,752 |
|
|
|
|
|
1,132,115 |
|
|
|
|
|
10,892,194 |
|
| |||||||
|
Frederick J. Boyle |
|
|
|
|
2,624,370 |
|
|
|
|
|
1,799,917 |
|
|
|
|
|
332,000 |
|
|
|
|
|
19,076 |
|
|
|
|
|
300,000 |
|
|
|
|
|
5,075,363 |
|
| ||||||
|
David M. Velazquez |
|
|
|
|
2,802,827 |
|
|
|
|
|
1,952,653 |
|
|
|
|
|
— |
|
|
|
|
|
21,016 |
|
|
|
|
|
320,400 |
|
|
|
|
|
5,096,896 |
|
| ||||||
|
Kevin C. Fitzgerald |
|
|
|
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2,886,807 |
|
|
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2,209,049 |
|
|
|
|
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243,000 |
|
|
|
|
|
20,137 |
|
|
|
|
|
330,000 |
|
|
|
|
|
5,688,993 |
|
| ||||||
|
John U. Huffman |
|
|
|
|
1,415,711 |
|
|
|
|
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1,145,045 |
|
|
|
|
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571,000 |
|
|
|
|
|
19,180 |
|
|
|
|
|
232,800 |
|
|
|
|
|
3,383,736 |
|
| ||||||
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
Dividend per share |
|
|
Market Price |
| |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
High |
|
|
Low |
| |||||||||||||||
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
First Quarter |
|
|
|
$ |
0.27 |
|
|
|
|
$ |
20.93 |
|
|
|
|
$ |
18.53 |
|
| |||
|
Second Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
27.90 |
|
|
|
|
|
20.09 |
|
| |||
|
Third Quarter (through July 18, 2014) |
|
|
|
|
— |
|
|
|
|
|
27.92 |
|
|
|
|
|
27.18 |
|
| |||
|
|
|
|
|
|
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| |||
|
2013 |
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|
|
|
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|
|
|
|
|
|
|
|
|
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|
|
|
| |||
|
First Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
21.43 |
|
|
|
|
|
18.82 |
|
| |||
|
Second Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
22.72 |
|
|
|
|
|
19.35 |
|
| |||
|
Third Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
20.90 |
|
|
|
|
|
18.04 |
|
| |||
|
Fourth Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
19.62 |
|
|
|
|
|
18.19 |
|
| |||
|
|
|
|
|
|
|
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| |||
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
First Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
20.48 |
|
|
|
|
|
18.63 |
|
| |||
|
Second Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
19.63 |
|
|
|
|
|
18.14 |
|
| |||
|
Third Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
20.30 |
|
|
|
|
|
18.67 |
|
| |||
|
Fourth Quarter |
|
|
|
|
0.27 |
|
|
|
|
|
20.06 |
|
|
|
|
|
18.80 |
|
| |||
| | | | | | | | | | |
|
Name of Beneficial Owner |
|
|
Shares of Common Stock Beneficially Owned(1) |
|
|
Percentage of Common Stock Beneficially Owned |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Paul M. Barbas |
|
|
|
|
2,294 |
|
|
|
|
|
* |
|
| ||
|
Frederick J. Boyle |
|
|
|
|
1,499 |
|
|
|
|
|
* |
|
| ||
|
Jack B. Dunn, IV |
|
|
|
|
17,323 |
|
|
|
|
|
* |
|
| ||
|
Kevin C. Fitzgerald(2) |
|
|
|
|
1,620 |
|
|
|
|
|
* |
|
| ||
|
H. Russell Frisby, Jr. |
|
|
|
|
2,284 |
|
|
|
|
|
* |
|
| ||
|
Terence C. Golden(3)(4) |
|
|
|
|
44,132 |
|
|
|
|
|
* |
|
| ||
|
Patrick T. Harker |
|
|
|
|
13,491 |
|
|
|
|
|
* |
|
| ||
|
John U. Huffman |
|
|
|
|
26,252 |
|
|
|
|
|
* |
|
| ||
|
Ernest L. Jenkins(5) |
|
|
|
|
11,706 |
|
|
|
|
|
* |
|
| ||
|
Barbara J. Krumsiek |
|
|
|
|
15,181 |
|
|
|
|
|
* |
|
| ||
|
Lawrence C. Nussdorf(4) |
|
|
|
|
10,000 |
|
|
|
|
|
* |
|
| ||
|
Patricia A. Oelrich |
|
|
|
|
11,094 |
|
|
|
|
|
* |
|
| ||
|
Joseph M. Rigby(6) |
|
|
|
|
279,704 |
|
|
|
|
|
0.1 |
% |
|
| |
|
Lester P. Silverman(7) |
|
|
|
|
8,126 |
|
|
|
|
|
* |
|
| ||
|
David M. Velazquez |
|
|
|
|
70,329 |
|
|
|
|
|
* |
|
| ||
|
All directors and executive officers as a group (20 persons)(8) |
|
|
|
|
580,791 |
|
|
|
|
|
* |
|
| ||
| | | | | | | | |
|
Name and Address of Beneficial Owner |
|
|
Shares of Common Stock Owned |
|
|
Percentage of Common Stock Outstanding |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
13,271,788 |
|
|
|
|
|
5.3 |
% |
|
| ||
|
|
|
|
|
12,839,925 |
|
|
|
|
|
5.1 |
% |
|
| ||
|
|
|
|
|
17,367,453 |
|
|
|
|
|
7.0 |
% |
|
| ||
| | | | | | | | |
|
|
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|
Page |
|
| ||
|
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|
|
Article I |
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| |||
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The Merger; Closing; Effective Time |
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| |||
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The Merger |
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| |||
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Closing |
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| |||
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|
Effective Time |
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| |||
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|
Article II |
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| |||
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| ||||
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| ||||
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The Bylaws |
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| |||
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Article III |
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| |||
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Directors and Officers of the Surviving Corporation |
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| |||
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Directors |
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Officers |
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| |||
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Article IV |
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| |||
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Effect of the Merger on Capital Stock; Exchange of Certificates |
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| |||
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|
Effect on Capital Stock |
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|
| |||
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|
Exchange of Shares |
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| |||
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|
Treatment of Stock Plans |
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| |||
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Adjustments to Prevent Dilution |
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| |||
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|
Article V |
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|
| |||
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|
Representations and Warranties |
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|
| |||
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|
Representations and Warranties of the Company |
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|
| |||
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|
Representations and Warranties of Parent and Merger Sub |
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| |||
| | | | | | | | |
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|
Article VI |
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| |||
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Covenants |
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| |||
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Interim Operations |
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|
| |||
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Acquisition Proposals |
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|
| |||
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Proxy Statement |
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|
| |||
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Stockholders Meeting |
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|
| |||
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Filings; Other Actions; Notification |
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| |||
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Access and Reports |
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| |||
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|
Stock Exchange De-listing |
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| |||
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Publicity |
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| |||
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Employee Benefits |
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Expenses |
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| |||
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Indemnification; Directors’ and Officers’ Insurance |
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| |||
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Takeover Statutes |
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|
| |||
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|
No Transfer or Encumbrance of Nonvoting Preferred Stock |
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|
| |||
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|
Transaction Litigation |
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|
| |||
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Agreements Concerning Parent and Merger Sub. |
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| |||
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|
Article VII |
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| |||
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Conditions |
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| |||
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Conditions to Each Party’s Obligation to Effect the Merger |
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| |||
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Conditions to Obligations of Parent and Merger Sub |
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| |||
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Conditions to Obligation of the Company |
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| |||
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|
Article VIII |
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|
| |||
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Termination |
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|
| |||
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Termination by Mutual Consent |
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| |||
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|
Termination by Either Parent or the Company |
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| |||
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Termination by the Company |
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Termination by Parent |
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| |||
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|
Effect of Termination and Abandonment |
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| |||
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|
Article IX |
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| |||
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Miscellaneous and General |
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| |||
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Survival |
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Modification or Amendment |
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| |||
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Waiver of Conditions |
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| | | | | | | | |
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Counterparts |
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| |||
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|
GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC PERFORMANCE |
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| |||
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Notices |
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| |||
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Entire Agreement |
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| |||
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No Third Party Beneficiaries |
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| |||
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Obligations of Parent and of the Company |
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Transfer Taxes |
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| |||
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Definitions |
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| |||
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Severability |
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| |||
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Interpretation; Construction |
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| |||
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Assignment |
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|
| |||
| | | | | | | | |
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|
Defined Terms |
|
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|
| |||
|
Exhibit A |
|
|
Form of Certificate of Incorporation of the Surviving Corporation |
| |||||||
|
Exhibit B |
|
|
Regulatory Commitments |
| |||||||
|
Exhibit C |
|
|
Form of Certificate of Designation for Nonvoting Preferred Stock |
| |||||||
| | | | | | | | |
|
By: |
|
|
/s/ Joseph M. Rigby |
| |||
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|
Name: |
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| |
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Title: |
|
|
Chairman of the Board, President and Chief Executive Officer |
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| | | | | |
|
By: |
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|
| ||||
|
|
|
|
Name: |
|
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| |
|
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|
Title: |
|
|
President and Chief Executive Officer |
|
| | | | | |
|
By: |
|
|
/s/ Darryl Bradford |
| |||
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|
Name: |
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| |
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Title: |
|
|
President |
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| | | | | |
|
Terms |
|
|
Section |
|
|
Acceptable Confidentiality Agreement |
|
|
6.2(b) |
|
|
Acquisition Proposal |
|
|
6.2(c) |
|
|
Affiliate |
|
|
5.1(a) |
|
|
Agreement |
|
|
Preamble |
|
|
Alternative Acquisition Agreement |
|
|
6.2(a)(v) |
|
|
Applicable Date |
|
|
5.1(e)(i) |
|
|
Bankruptcy and Equity Exception |
|
|
5.1(c)(i) |
|
|
Benefit Period |
|
|
6.9(a) |
|
|
Benefit Plans |
|
|
5.1(h)(i) |
|
|
Bidding Party |
|
|
8.5(c) |
|
|
Book Entry Share |
|
|
4.1(a) |
|
|
Burdensome Condition |
|
|
6.5(d) |
|
|
Business day |
|
|
1.2 |
|
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|
|
2.2 |
| |
|
CBA |
|
|
5.1(o) |
|
|
Certificate |
|
|
4.1(a) |
|
|
Certificate of Merger |
|
|
1.3 |
|
|
Change of Recommendation |
|
|
6.2(d) |
|
|
Charter |
|
|
2.1 |
|
|
Closing |
|
|
1.2 |
|
|
Closing Date |
|
|
1.2 |
|
|
Code |
|
|
4.2(g) |
|
|
Company |
|
|
Preamble |
|
|
Company Approvals |
|
|
5.1(d)(i) |
|
|
Company Awards |
|
|
4.3(c) |
|
|
Company Disclosure Letter |
|
|
5.1 |
|
|
Company Material Adverse Effect |
|
|
5.1(a) |
|
|
Company Material Contract |
|
|
5.1(j)(i) |
|
|
Company PSU |
|
|
4.3(b) |
|
|
Company Recommendation |
|
|
5.1(c)(ii) |
|
|
Company Reports |
|
|
5.1(e)(i) |
|
|
Company Requisite Vote |
|
|
5.1(c)(i) |
|
|
Company RSU |
|
|
4.3(a) |
|
|
Confidentiality Agreement |
|
|
9.7 |
|
|
Constituent Corporations |
|
|
Preamble |
|
|
Continuing Employee |
|
|
6.9(a) |
|
| | | |
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|
5.1(d)(ii) |
| |
|
D&O Insurance |
|
|
6.11(b) |
|
|
Demand |
|
|
4.2(f) |
|
|
Designated Officer |
|
|
5.1(h) |
|
|
DGCL |
|
|
1.1 |
|
|
Dissenting Stockholders |
|
|
4.1(a) |
|
|
Effective Time |
|
|
1.3 |
|
|
Environmental Law |
|
|
5.1(m) |
|
|
ERISA |
|
|
5.1(h)(i) |
|
|
ERISA Affiliate |
|
|
5.1(h)(iii) |
|
|
ERISA Plan |
|
|
5.1(h)(ii) |
|
|
Exchange Act |
|
|
5.1(a) |
|
|
Exchange Fund |
|
|
4.2(a) |
|
|
Excluded Share, Excluded Shares |
|
|
4.1(a) |
|
|
Execution Date |
|
|
Preamble |
|
|
Executive Employees |
|
|
6.1(a)(xvi) |
|
|
FCC |
|
|
5.1(d)(i) |
|
|
FCC Approval |
|
|
5.1(d)(i) |
|
|
FERC |
|
|
5.1(d)(i) |
|
|
FERC Approval |
|
|
5.1(d)(i) |
|
|
GAAP |
|
|
5.1(e)(iii) |
|
|
Governmental Entity |
|
|
5.1(d)(i) |
|
|
Hazardous Substance |
|
|
5.1(m) |
|
|
HSR Act |
|
|
5.1(d)(i) |
|
|
Incentive Plans |
|
|
6.9(d) |
|
|
Indemnified Parties |
|
|
6.11(a) |
|
|
Insurance Policies |
|
|
5.1(q) |
|
|
Intellectual Property |
|
|
5.1(p)(ii) |
|
|
Interest Rate |
|
|
4.3(a) |
|
|
Intervening Event |
|
|
6.2(d) |
|
|
IRS |
|
|
5.1(h)(ii) |
|
|
Knowledge |
|
|
5.1(g) |
|
|
Laws |
|
|
5.1(i) |
|
|
Licenses |
|
|
5.1(i) |
|
|
Lien |
|
|
5.1(b) |
|
|
Merger |
|
|
Recitals |
|
|
Merger Law |
|
|
6.5(d) |
|
|
Merger Sub |
|
|
Preamble |
|
|
Multiemployer Plan |
|
|
5.1(h)(ii) |
|
|
NERC |
|
|
5.1(a)(C) |
|
|
New Plans |
|
|
6.9(b) |
|
|
Nonvoting Preferred Stock |
|
|
Recitals |
|
|
Nonvoting Preferred Stock Purchase Price |
|
|
Recitals |
|
| | | |
|
NYSE |
|
|
5.1(a)(M) |
|
|
Old Plans |
|
|
6.9(b) |
|
|
Order |
|
|
7.1(c) |
|
|
Original Execution Date |
|
|
Preamble |
|
|
Original Merger Agreement |
|
|
Preamble |
|
|
Parent |
|
|
Preamble |
|
|
Parent Approvals |
|
|
5.2(c)(i) |
|
|
Parent Disclosure Letter |
|
|
5.2 |
|
|
Parent Expenses |
|
|
8.5(e) |
|
|
Parent FERC Approval |
|
|
5.2(c)(i) |
|
|
Parent Termination Fee |
|
|
8.5(c) |
|
|
Paying Agent |
|
|
4.2(a) |
|
|
Person |
|
|
4.2(d) |
|
|
Per Share Merger Consideration |
|
|
4.1(a) |
|
|
PJM |
|
|
5.1(a)(A) |
|
|
PJM Region |
|
|
5.1(a)(A) |
|
|
Proxy Statement |
|
|
6.3(a) |
|
|
Rate Cases |
|
|
6.5(f) |
|
|
Recommendation Change Notice |
|
|
6.2(d) |
|
|
Regulatory Approvals |
|
|
7.1(b) |
|
|
Regulatory Commitments |
|
|
5.1(a)(I) |
|
|
Regulatory Failure |
|
|
6.5(d) |
|
|
Regulatory Termination |
|
|
8.5(c) |
|
|
Representatives |
|
|
6.2(a) |
|
|
SEC |
|
|
5.1 |
|
|
Securities Act |
|
|
5.1(e)(i) |
|
|
Share, Shares |
|
|
4.1(a) |
|
|
Significant Subsidiary |
|
|
5.1(a) |
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State Approvals |
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5.1(d)(i) |
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State Commissions |
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5.1(d)(i) |
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Stockholders Meeting |
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6.4 |
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Stock Plans |
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5.1(b) |
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Subscription Agreement |
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Recitals |
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Subsidiary |
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5.1(a) |
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Superior Proposal |
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6.2(c) |
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Surviving Corporation |
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1.1 |
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Takeover Statute |
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5.1(l) |
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Tax, Taxes |
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5.1(n) |
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Tax Return |
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5.1(n) |
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Termination Date |
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8.2(a) |
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Termination Fee |
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8.5(b) |
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Transaction Litigation |
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6.14 |
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Very truly yours, |
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LAZARD FRERES & CO. LLC |
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By |
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George W. Bilicic Managing Director |
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MORGAN STANLEY & CO. LLC |
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By: |
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Jeffrey R. Holzschuh Managing Director, Chairman, Institutional Securities Group |
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PEPCO HOLDINGS, INC. |
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By: |
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Name: |
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Title: |
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Chairman of the Board, President and Chief Executive Officer |
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EXELON CORPORATION |
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By: |
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Name: |
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William A. Von Hoene, Jr. |
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Title: |
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Senior Executive Vice President and Chief Strategy Officer |
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By: |
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/s/ Joseph M. Rigby |
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Name: Joseph M. Rigby Title: Chairman of the Board, President and Chief Executive Officer |
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Certificate Number |
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Number of Shares of Series A Preferred Stock |
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PEPCO HOLDINGS, INC. |
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By: |
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Name: |
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Title: |
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This ‘PREM14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/29/16 | ||||
12/31/15 | ||||
10/29/15 | ||||
9/30/15 | ||||
7/29/15 | ||||
5/16/15 | ||||
5/1/15 | ||||
2/15/15 | ||||
1/16/15 | ||||
1/6/15 | ||||
1/1/15 | ||||
12/31/14 | ||||
11/26/14 | ||||
10/1/14 | ||||
9/3/14 | ||||
7/24/14 | ||||
Filed on / For Period End: | 7/21/14 | 8-K, DEFA14A | ||
7/18/14 | 8-K | |||
7/9/14 | 8-K | |||
7/8/14 | ||||
6/30/14 | 10-Q | |||
6/28/14 | ||||
6/27/14 | DEFA14A | |||
6/18/14 | DEFA14A | |||
6/16/14 | ||||
6/11/14 | ||||
6/3/14 | DEFA14A | |||
5/30/14 | DEFA14A | |||
5/20/14 | 4, 8-K, DEFA14A | |||
5/16/14 | 4, 8-K, DEF 14A | |||
5/15/14 | DEFA14A | |||
5/9/14 | ||||
5/8/14 | ||||
5/7/14 | 10-Q, 8-K, DEFA14A | |||
5/6/14 | ||||
5/5/14 | ||||
5/2/14 | 4, 8-K, DEFA14A | |||
5/1/14 | ||||
4/30/14 | 4, 8-K, DEFA14A | |||
4/29/14 | 8-K | |||
4/28/14 | 4 | |||
4/27/14 | ||||
4/26/14 | ||||
4/25/14 | 4 | |||
4/24/14 | ||||
4/23/14 | 4 | |||
4/22/14 | ||||
4/21/14 | ||||
4/20/14 | ||||
4/18/14 | ||||
4/17/14 | ||||
4/16/14 | ||||
4/14/14 | ||||
4/12/14 | ||||
4/11/14 | ||||
4/10/14 | SC 13G/A | |||
4/9/14 | 8-K | |||
4/4/14 | 8-K | |||
4/3/14 | 4 | |||
4/1/14 | 4 | |||
3/31/14 | 10-Q, 8-K | |||
3/29/14 | ||||
3/27/14 | ||||
3/25/14 | DEF 14A, DEFA14A | |||
3/24/14 | ||||
3/17/14 | ||||
3/14/14 | ||||
3/13/14 | ||||
3/11/14 | ||||
3/10/14 | ||||
3/7/14 | ||||
3/6/14 | ||||
3/4/14 | 8-K | |||
2/28/14 | 10-K, 4, 8-K | |||
2/27/14 | 4, 8-K | |||
2/26/14 | 4 | |||
2/20/14 | 4 | |||
2/14/14 | 4, 4/A, SC 13G | |||
2/11/14 | SC 13G/A | |||
2/9/14 | ||||
2/7/14 | ||||
2/5/14 | ||||
2/4/14 | SC 13G | |||
1/30/14 | 4, SC 13G/A | |||
1/28/14 | ||||
1/27/14 | 4, 4/A, 8-K | |||
1/1/14 | ||||
12/31/13 | 10-K, 11-K | |||
1/1/13 | ||||
9/7/12 | 8-K | |||
1/1/12 | ||||
12/31/11 | 10-K, 10-K/A, 11-K | |||
12/20/11 | ||||
8/1/11 | ||||
List all Filings |