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RRI Amends Shareholder Rights Plan To Protect Tax Benefit

DOW JONES NEWSWIRES RRI Energy Inc. (RRI) put a shareholder-rights plan in place Tuesday that should protect a tax-benefit tool if it discovers its merger of equals with Mirant Corp. (MIR) doesn't cause a ownership change. RRI and Mirant's merger was designed to give neither company's investors a premium, as the two aim to reduce costs by combining corporate functions. RRI previous expected the merger into GenOn Energy Inc. would cause an ownership change, limiting the amount of net operating losses it could use to reduce its tax liability after the deal, which is expected to close by the end of the year. Net operating losses can be used to offset future income-tax payments. After a review of Securities and Exchange Commission filings and guidance from the IRS, RRI learned that the merger may not cause an ownership change, sparking the rights agreement amendment. The new rights plan reduces the beneficial ownership trigger to 4.99% from 15% and exempts certain shareholders, such as pre-existing RRI shareholders with more than 4.99% stakes and GenOn holders with the same stake percentage as a result of the merger. As a result of the amendment, the rights plan is now similar to tax benefit preservation plans adopted by many other public companies with significant net operating losses. GenOn will analyze overlapping holdings after the merger and will redeem the rights agreement if it determines an ownership change has occurred. RRI shares were down 0.3% at $3.57 after hours, following a 2.5% decline in the regular session. Mirant shares weren't active after closing down 2.7% to $10.08. The drop in both outpaced a broader market fall. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Mirant (MIR)
DateTimeHeadline
11/23/201019:13:31RRI Amends Shareholder Rights Plan To Protect Tax Benefit
07/30/201008:36:40RRI Energy Swings To 2Q Loss After Prior-Year Gains
06/18/201017:41:29Cost Of Insuring Mirant Debt Tumbles On Naked CDS Sales
05/04/201022:27:21New California Rules Restrict Power Plants' Marine Water Use
04/12/201016:46:53MARKET SNAPSHOT: U.S. Stock Rise; Dow Closes Above 11,000
04/12/201015:41:26MARKET SNAPSHOT: U.S. Stock Rise Poises Dow For Close Above 11,000
04/12/201012:54:08MARKET SNAPSHOT: U.S. Stock Market Tentatively Up Before Alcoa
04/12/201010:02:41MARKET SNAPSHOT: Dow Opens Above 11,000 Ahead Of Alcoa Report
04/11/201014:52:49Mirant Corporation And RRI Energy To Merge
12/17/200916:01:05Dynegy Not Looking To Issue New Debt, No Near-Term M&A - CEO
12/04/200911:05:26CO2 Price In Northeast US Auction Hits Lowest Level At $2.05/Ton

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