NRG Energy continues to review Exelon offer

By Lisa Kerner

Charlotte, N.C., Nov. 4 - NRG Energy, Inc. said its board of directors will respond "promptly" following its review of Exelon Corp.'s proposal to acquire the company.

In a Nov. 4 letter to Exelon chairman and chief executive officer John W. Rowe, NRG reiterated that the board is "taking the proposal seriously and undertaking a thorough and diligent review of the proposal."

NRG, a Princeton, N.J.-based power company, was responding to a Nov. 3 letter from Exelon.

In its letter, Exelon said NRG's board has had ample time to review the offer and that the delay is creating uncertainty for NRG's shareholders.

Exelon, a Chicago-based utility services holding company, offered to acquire NRG on Oct. 19.

Each NRG share would be exchanged for 0.485 Exelon shares for a value of about $26.43 per share, it was previously reported.

Exelon said the financing plan for its $6.2 billion unsolicited offer would require only $4 billion or so of refinancing and that the needed financing commitments are "well underway," according to an earlier 425 filing with the Securities and Exchange Commission.

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