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Constellation Energy Attracts $4.7 Billion Bid From Buffett

Stock quotes in this article: BRK-A , BRK-B , CEG  

Constellation Energy (CEG Quote) tentatively agreed Thursday to a $4.7 billion buyout from a company owned by Berkshire Hathaway (BRK.A Quote).

MidAmerican Energy Holdings will pay $26.50 in cash for each outstanding share of Constellation Energy. A definitive deal is expected to be signed by the close of business Friday, at which time Constellation will issue $1 billion of preferred equity, with an 8% yield, to MidAmerican.

The deal, which has been approved by both companies' boards, is expected to close in May 2009. ...

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