Thursday, July 2, 2009
NRG Energy receives sweetened takeover bid from Exelon
Houston Business Journal
NRG Energy Inc., parent of Reliant Energy, has received an increased takeover bid worth $8 billion in stock from Chicago power generator Exelon Corp.
Exelon has been pursuing a hostile bid for New Jersey-based NRG (NYSE: NRG) since last year.
In its new bid, Exelon is offering 0.545 shares of its stock for each NRG share — 12.4 percent higher than its previous bid of 0.485 shares.
“This is our best and final offer,” John Rowe, chairman and chief executive officer of Exelon (NYSE: EXC), said in a statement.
The company is now waiting for NRG’s annual meeting on July 21 to find out if the deal will be accepted.
NRG on Thursday said its board was reviewing the new proposal and advised shareholders not to take action at this time.
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