TXU fails to find alternatives

10 April 2007

The investor group led by Kohlberg Kravis Roberts & Co (KKR) and Texas Pacific Group that will acquire TXU in a transaction valued at $45 billion says TXU has failed to attract any better offers for the company.

In a statement the group said that despite entering into confidentiality agreements with nine companies regarding TXU and its subsidiaries, none had submitted a formal proposal.

Under the merger agreement, TXU has the right to solicit other proposals through to 16 April, but the “go-shop” process being conducted by Lazard Freres has failed to find an alternative to KKR.

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