The takeover drama between Exelon Corp and NRG Energy may finally come to a close today, as shareholders from NRG gather to vote on whether to not to elect Exelon’s chosen directors to NRG’s Board.
If the directors are not elected, Exelon will walk, and eventuality that is looking increasingly likely according to Reuters.
Right now, Exelon is offering 0.545 Exelon shares per NRG share. NRG has said it believes the offer is too low, and more importantly, so has each one of the four proxy advisory firms advising shareholders.
In the Reuters article referenced above, James Halloran, an energy consultant for Financial American Securities, was pessimistic about Exelon’s chances:
“The market’s betting that it won’t go through, and the market is usually pretty smart on these things. I don’t see any indication that this is anything more than trying to keep a brave face on this thing at this point.”
>>>