Constellation Investor Sues Over $8B Exelon Merger

Law360, New York (August 8, 2011, 11:53 AM EDT) -- An investor hit Constellation Energy Group Inc. and its board with a proposed class action Thursday in Maryland claiming the power company's planned $7.9 billion all-stock sale to Exelon Corp. is too cheap and hasn't been adequately shopped around.

Ontario investor Ronald Walker's complaint also cries foul over a $200 million termination fee due to Chicago-based Exelon if the merger falls through, claiming that sum and other provisions improperly limit the Constellation board's ability to shop for a better deal.

Exelon said on April 28 it...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.