Shareholders Support Exelon-NRG Combination (EXC, NRG)

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09:16:26 am on February 26, 2009

According to Exelon, NRG shareholders have positively to its offer to combine the two companies, tendering 125,403,103 shares of NRG’s common stock, over 51% of the outstanding shares. Exelon has extended its offer deadline until June 26th to seek regulatory approval and solicit proxies to serve at the NRG shareholder meeting.

According to John Rowe, Exelon’s Chairman and CEO

“Yesterday’s result delivers another clear and convincing message to NRG’s board and management that a majority of the company’s owners support Exelon’s offer to combine the two companies. Unfortunately, this is a message the current NRG board and management have apparently chosen to ignore. We urge NRG to move this process forward constructively, allow us to perform due diligence without delay, and work with us to conclude a definitive agreement. However, if NRG still refuses to listen to its shareholders, we will have no choice but to press forward to seek election of an expanded NRG board with new independent directors who will act in the best interests of the NRG shareholders and consider the merits of an Exelon and NRG combination in comparison with any other strategic alternatives available to NRG.”

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