Great Plains Energy and Westar Energy are appealing a decision by the Kansas Corporation Commission to reject their plan for Great Plains to buy Westar.
The companies released a joint statement Thursday saying they have filed a petition with the commission requesting additional time to modify their $12.2 billion deal to satisfy the regulators. They want until May 31 to propose a new deal.
Great Plains, the parent company of Kansas City Power & Light, last year announced its plan to acquire Topeka-based Westar Energy for $12.2 billion. Great Plains would buy $8.6 billion of Westar equity while assuming $3.6 billion of its debt. Westar shareholders would have received $60 a share if the deal closed.
But the Kansas Corporation Commission rejected the deal April 19. Several parties had filed objections to the deal, ranging from purported harm to the Kansas economy with job reductions to assertions that Great Plains would be saddled with too much debt.