Energy Factors has appointed a special committee to study the "fairness" of a Nov. 6 merger proposal made by New York-based Sithe Energies, L.P., which is the beneficial owner of 55% of Energy Factor's outstanding stock.
The committee includes Vice Adm. Ray Peet, USN (Ret.), one of Energy Factor's independent directors. The committee has retained Smith Barney, Harris Upham & Co. Inc. to study the merger proposal.
Sithe has offered $6.50 in cash for each of Energy Factors outstanding shares.