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NRG rejects increased bid

July 09, 2009|TIMES WIRE REPORTS

NRG Energy Inc., the second-biggest electricity producer in Texas, rejected a sweetened $6.9-billion takeover bid by Exelon Corp. as too low, calling it "a step in the right direction."

The offer, originally made in October and increased 12% by Chicago-based Exelon on July 2, still undervalues NRG, the Princeton, N.J.-based power producer said.

Exelon, the largest U.S. utility owner by market value, raised its all-stock bid to 0.545 of a share for each NRG share, up from an earlier ratio of 0.485 to 1.

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