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Boris J. Steffen publishes article on regulations and synergies in utility mergers in Financier Worldwide
WASHINGTON, D.C., October 24, 2007—Boris J. Steffen,
Bates White Partner, recently published a feature article in Financier Worldwide titled,
“Regulations and Synergies in Utility Mergers.” The article discusses considerations necessary
to mitigate the increase in regulatory risk at the state level resulting from the repeal of the Public
Utility Holding Company Act of 1935 as well as risks related to the challenge of achieving postmerger
financial results consistent with that expected by the market of the merger parties independently, and
attributable to performance improvements implied by the merger premium.
Specifically, Mr. Steffen examines the critical nature of information exchange between buyer and seller,
and explains how this exchange must be carefully orchestrated in order to establish a foundation for
strategic due diligence. He also explains what constitutes competitively sensitive information, the type
of information that can be exchanged safely premerger, and the role of the DOJ, FTC, FERC, and state
public utility commissions. In addition, Mr. Steffen discusses the interdependent treatment of merger
efficiencies for purpose of transaction valuation, and for navigating the antitrust laws that govern
merger transactions, such as the Hart-Scott-Rodino, FTC, Sherman, and Clayton Acts.
Mr. Steffen has advised or testified in antitrust, bankruptcy, M&A, and securities disputes involving
strategy, structure, valuation, synergies, rate base, cost of service, and solvency in transactions valued
in excess of $100 billion. In hearings before the New Jersey Board of Public Utilities, he testified on
synergies expected in Exelon Corp.’s proposed acquisition of Public Service Enterprise Group, Inc.
To read the article, visit
http://www.bateswhite.com/news/pdf/
Regulations_and_synergies_in_utility_mergers_Boris%20Steffen_FW.pdf.
About Bates White
Bates White is a consulting firm offering services in economics, finance, and business strategy to leading law firms,
Fortune 500 companies, and government agencies. We provide our clients with a unique combination of quantitative and
analytical expertise, and an understanding of business issues across a range of industries. Bates White has offices
in Washington, D.C., and San Diego, Calif.
www.bateswhite.com
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