Atlanta, GA, April 9, 2007 — Mirant Corp. announced that its board of directors has decided to explore strategic alternatives to enhance stockholder value. The company said that it has made progress in implementing the program it announced in July and August 2006 to sell its Philippine business and six U.S. natural gas-fired plants (which sales are expected to close in the second quarter of 2007) and its Caribbean business (which sale is expected to close in mid-2007).
In light of the status of the disposition program, the board said it will consider in the exploration process whether the interests of stockholders would be best served by returning excess cash from the sale proceeds to stockholders, with the company continuing to operate its retained businesses or, alternatively, whether greater stockholder value would be achieved by entering into a transaction with another company, including a sale of the company in its entirety. The company does not expect to consider making an acquisition as part of this exploration process. JPMorgan will serve as the financial advisor in this process.
At this time, there can be no assurance that any transaction will be pursued, other than the dispositions that Mirant has previously announced, or that any transaction that is pursued would be consummated, the company said. The company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its board of directors has completed its evaluation or approved a specific transaction. As a result of the announcement, the company will not provide earnings guidance during the exploration process.
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