On September 24 2008, it was announced that the boards of Électricité de France (EDF) and British Energy Group had reached agreement on the terms of recommended offers for British Energy to be made by Lake Acquisitions, a wholly-owned subsidiary of EDF. This announcement marked the culmination of months of negotiations triggered by an earlier announcement by the UK government on January 10 2008 that new nuclear power stations should have a role to play in the UK's future energy mix alongside other low carbon sources. The offers by EDF were made on November 5 2008 and were declared unconditional in all respects on January 5 2009.
As an alternative to the cash offer of £7.74 ($11.41) per British Energy ordinary share, EDF provided the option to elect for a lesser sum of cash (£7) and one contingent value right (CVR), referred to as a Nuclear Power Note....