NRG Energy released a statement yesterday in response to Exelon’s announcement that shareholders were in favor of combining the two companies. According to the statement, NRG is open to negotiating with Exelon, but only "at a fair exchange rate and on reasonable terms." NRG still feels that Exelon’s offer is unacceptable as is.

From MarketWatch, here’s a brief synopsis of Exelon’s offer:

In October, Exelon proposed to buy all outstanding shares of NRG common stock at a fixed exchange ratio of 0.485 of a share of Exelon common stock for each NRG common share. NRG twice rejected the Exelon offer and Exelon then brought its exchange offer directly to NRG shareholders in November.