PROTECTION ONE’S TROUBLES SINK WESTERN RESOURCES’ MERGER WITH KANSAS CITY POWER & LIGHT CO.
KANSAS CITY, Mo.
Kansas City Power & Light Co. (KCPL) has announced that its board of directors unanimously voted to terminate its amended and restated agreement and plan of merger, dated March 18, 1998, with Western Resources Inc. and certain affiliated companies. In a letter to David Wittig, Western’s CEO, A. Drue Jennings, KCPL’s CEO, cited the problems at Western’s Protection One subsidiary and its impact on Western as a whole as a key factor in the decision.
Western’s common stock has nose-dived from $43.13 upon announcement of the merger agreement March 18, 1998 to $16.94 on Dec. 31, 1999. Jennings concluded in his letter, “Both sides worked hard to bring this transaction to a successful completion, and we obviously regret that events have required us to take this action.”
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.