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, … Read the rest
NRG Energy just announced that its Board of Directors has rejected Exelon’s revised offer for the company. The vote was unanimous and was based on the belief that Exelon is undervaluing NRG, even with its revised offer, with was equivalent to $27 per share. NRG’s Board sent a letter to Exelon calling the revised offer a “step in the right direction” and explaining the specific areas in which the company believes it is being undervalued, … Read the rest
Exelon just announced that support for its $6.2 billion bid to takeover NRG Energy appears to have waned among NRG shareholders. Exelon still wants to take over the company, but in a letter to NRG shareholders, it advised that only about 12% of NRG’s outstanding shares had been tendered, a big drop from February’s statistic of 51%. The two companies are counting down to a crucial NRG stockholder’s meeting on July 21, when shareholders will … Read the rest
NRG Energy and eSolar just announced that El Paso electric has contracted them to build a solar power plant in Dona Ana county in New Mexico. The plant will be constructed and owned by NRG, and built with eSolar’s solar thermal technology per the agreement the two companies entered in February.
The Dona Ana plant is expected to be up and running by late 2011, and when completed it will produce 92 MW of solar … Read the rest
And another installment in the drama between NRG and Exelon…NRG Energy, struggling to defend itself from a hostile takeover by Exelon, has filed a lawsuit against Exelon. In the suit, NRG claims that Exelon’s offer to NRG shareholders was a "sham" intended to compel NRG to negotiate and that Peco Energy customers could see a dramatic increase in their electric bills in the event of a takeover.
Here are more details on the suit from … Read the rest
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:
… Read the restIn October, Exelon proposed to buy all outstanding shares of NRG common stock
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
… Read the rest“Yesterday’s result delivers another clear and convincing message to NRG’s board and management that a
Toshiba will construct 2 new 1,400 MW nuclear plants in Texas under an agreement with Texas utility companies NRG Energy and CPS Energy. The two new plants are being built as part of the South Texas Project, an expansion of an existing nuclear plant that provides power to NRG and CPS customers.
According to MSN Money, the new plants will be unique because "They will be the first in the U.S. that are advanced boiling … Read the rest
NRG Energy just announced that it purchased the development rights to 500 MW of solar projects that use eSolar’s solar technology. NRG plans to develop these projects and take them to completion. Here’s more from an open letter NRG issued to its shareholders:
… Read the restWhile this acquisition does not represent a substantial upfront commitment of NRG capital—less than $10 million—it nonetheless signifies a meaningful step forward in NRG’s efforts to be a leader in solar development
The Sherbino I Wind Farm, a joint venture between NRG Energy and BP Alternative Energy, is now up and running. Located on top of a mesa in Pecos County, the wind farm consists of 50 Vesta wind turbines, and has a 150 MW capacity. The wind farm was constructed and is being operated by Padoma Wind Power, a 50/50 joint venture between NRG and BP. Padoma also has another more wind farm under construction in … Read the rest