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商品編號： 9-298-034 出版日期： 1998/02/13 作者姓名： Esty, Benjamin C.;Aronson, Tracy;Millett, Mathew Mateo 商品類別： Finance 商品規格： 19p 再版日期： 1998/12/01 地域： Delaware;New Jersey 產業： Electricity, gas, water & wastewater;Regulation 個案年度： 1996 - 1996
商品敘述：
Delmarva Power & Light and Atlantic Energy are neighboring electric utilities based in Delaware and New Jersey, respectively. In early 1996, they entered into merger negotiations, but were unable to reach an agreement on price because they could not agree on what impact deregulation would have on Atlantic. In the currently regulated electricity market, Atlantic was profitable even though it was one of the high-cost power producers in the region. But in a deregulated environment, where prices would surely fall, Atlantic might become unprofitable and, therefore, worth significantly less. The key issues are to determine how much to pay for Atlantic and how to structure a deal that will bridge the disagreements over value. Unlike certain situations where hedging can resolve uncertainty, there is no way to hedge either the speed of deregulation or the magnitude of price declines due to competition.
涵蓋領域：
Managing uncertainty;Mergers;Valuation;Deregulation;Electric power;Risk management;Negotiation;Contracts
相關資料：
Supplement, (9-298-066), 2p, by Tracy Aronson, Mathew Mateo Millett
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