TXUundefined is done shopping.
The Dallas-based energy giant said Wednesday that the "go-shop" process conducted on its behalf by adviser Lazard Freres has ended, clearing the company to proceed with its $44 billion private equity buyout plan.
"During the process, no proposal was received that could reasonably be expected to result in a proposal superior to the definitive merger agreement," TXU said, referring to its Feb. 26 pact to be acquired for $69.25 a share by an investor group led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group.
The merger is subject to receipt of shareholder approval and required regulatory approvals, as well as satisfaction of other customary closing conditions.
Shares closed Wednesday at $65.17.