Takeover Battle Is Over, Exelon (EXC) Withdraws NRG Energy (NRG) Bid

Posted by Tate Dwinnell | # |
08:44:32 am on July 22, 2009

The nine month takeover drama between NRG Energy and Exelon Corporation is over. NRG shareholders voted to reject the bid yesterday by refusing to elect Exelon’s nominees for NRG’s Board of Directors. They also refused to expand the size of NRG’s Board to include additional Exelon candidates. According to NRG, 75% of its shareholders voted against Exelon.

In an article in the New York Times, Exelon’s CEO John W. Rowe made the following comment:

“The NRG shareholders have spoken, and Exelon will move on.”  He said he was unwilling to raise the offer to a level that would “undermine Exelon’s own value proposition.”

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