M&A transactions serve a pretty premium to shareholders, except holders of utility stocks, if Central and South West Corp.’s (CSW) takeout by American Electric Power Co., Inc. (AEP) is any measure. Potential regulatory pitfalls notwithstanding, AEP anticipates closing the $5.5 billion stock swap, not including assumed debt, at the end of 1999. On closing, CSW shareholders-after waiting two years-will garner a premium of zilch, based on trading in the stocks at presstime.
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