"This comes after Hawaiian officials rejected the deal for not being in the state's best interest," CNBC's Joe Kernen reported on "Squawk Box" Monday morning.
"We appreciate NextEra Energy's interest in Hawaii and in our company. All of us at Hawaiian Electric and American Savings Bank remain committed to serving our customers and we look forward to working together with communities across our state to realize the clean energy future we all want for Hawaii and to ensure a vibrant local economy," Hawaiian Electric's Connie Lau, CEO and chairman of the boards of Hawaiian Electric and American Savings Bank, said in a statement.
"We wish Hawaiian Electric the best as it serves the current and future energy needs of Hawaii, including helping the state meet its goal of 100 percent renewable energy by 2045. Looking forward, NextEra Energy remains extremely well-positioned to execute on our strategy and deliver exceptional results for our customers and shareholders," NextEra's CEO Jim Robo commented in the companies' announcement.
Per the merger agreement, NextEra must pay Hawaiian Electric a $90 million break-up fee, along with up to $5 million for expense reimbursement associated with the deal's transaction.
Shares of NextEra are flat at $127.58 before today's opening bell and Hawaiian Electric stock is slipping by 5.17% to $30.80 in pre-market trading.
Separately, TheStreet Ratings rated NextEra as a "buy" with a score of A+.
This is based on the convergence of positive investment measures which can be seen in multiple areas, such as its expanding profit margins, good cash flow from operations, solid stock price performance and notable return on equity. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: NEE
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.