Infrastructure
Exelon: Hostile Takeover of NRG is Out of the Gate (EXC, NRG)
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Exelon Corporation (NYSE:EXC) has officially kicked off its unsolicited takeover of NRG Energy (NYSE:NRG). We reported the details yesterday. Exelon needs to receive a majority of NRG’s shares outstanding (about 233 million total) by January 6, 2009, in order to clinch the deal.
As of yesterday’s closing prices, Exelon’s offer for NRG amounts toabout $6 billion, a premium of 24%. There’s no place else for NRGshareholders to look for that kind of return. Of course, those whobought NRG at its 52-week high of more than $45/share will still feelssome serious pain.
Whatever the outcome is, this one is still in the unresolved and unfinished business categories.
Paul Ausick
November 13, 2008
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