AES Corporation Supplemental Proxy Disclosures for Horizon Merger Amid Shareholder Litigation

AES Corporation filed an 8-K on June 12, 2026, providing supplemental disclosures to its definitive proxy statement for the proposed merger with Horizon Parent, L.P. The company disclosed that it has become aware of two shareholder lawsuits and 15 demand letters alleging disclosure deficiencies in the proxy materials. While denying all allegations and maintaining that the proxy statements comply with applicable law, AES voluntarily provided additional information to minimize litigation burdens and potential merger delays. The supplemental disclosures include detailed information about Skadden's representation of other parties involved in the transaction, additional financial advisor details from Wells Fargo, and expanded financial analyses from both J.P. Morgan and Wells Fargo. These include comprehensive public trading multiples analyses, selected transactions analyses, and discounted cash flow analyses for AES's various business segments, with implied equity value ranges of $9.75-$17.50 per share from J.P. Morgan and $9.07-$16.39 per share from Wells Fargo. The $15.00 per share merger consideration falls within these ranges.