KeyBanc Positive on Pepco (POM), Exelon Corp. (EXC) Merger Developments

KeyBanc is positive on recent merger developments for Pepco Holdings (NYSE: POM) and Exelon Corp. (NYSE: EXC).

"The Office of People's Counsel (OPC) issued a statement that it was pleased that the merging parties were willing to offer additional consumer benefits through settlement discussions. We view this as a positive change in tone vs. a prior stance we viewed as more adversarial," noted analyst Paul T. Ridzon.

The analyst continued, "Separately, last night the Washington, D.C. Attorney General filed with the DC Commission a motion to extend by 30 days the schedule to file comments in response to EXC's request for reconsideration of the merger rejection, citing the ongoing settlement discussions. In the event this is denied, a request was made to extend the five-day comment period by three additional business days."

Ridzon added, "We view these events positively. We believe they demonstrate the the parties consider the ongoing settlement discussions as productive."

KeyBanc has an Overweight rating on Pepco Holdings.

For an analyst ratings summary and ratings history on Pepco Holdings click here. For more ratings news on Pepco Holdings click here.

Shares of Pepco Holdings closed at $24.22 yesterday.

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