Constellation preps for Exelon merger
Constellation Energy today announced that its board of directors has declared a quarterly dividend of 24 cents per share on the company’s common stock.
BALTIMORE. Oct. 21, 2011. Constellation Energy today announced that its board of directors has declared a quarterly dividend of 24 cents per share on the company’s common stock. The dividend, which equates to 96 cents per share annually, is payable on Jan. 3, 2012, to shareholders of record at the close of business on Dec. 12, 2011.
The board of directors also declared a quarterly dividend of 24 cents per share on Constellation Energy’s common stock that is payable on April 2, 2012, to shareholders of record on March 12, 2012, provided that the company’s proposed merger with Exelon Corp. does not close on or prior to March 12. If the merger closes on or before March 12, the dividend will be pro-rated, with shareholders receiving $0.00264 per share per day starting Dec. 13, 2011 – the day after the record date for the previous quarterly dividend – and ending the day before the merger closes. In accordance with the merger agreement, a pro-rata dividend ensures that shareholders continue to receive dividends at the current rate until the closing of the company’s proposed merger with Exelon.
The pro-rata dividend, which is the daily equivalent of 24 cents per share for the full quarter, will be paid within 30 days after the closing date of the merger to shareholders of record at the close of business on the day before the merger is completed.
Constellation Energy is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010.