BUSINESS BRIEFING / ENERGY
TIMES WIRE REPORTS
NRG Energy Inc., the second-biggest electricity producer in Texas, rejected a sweetened $6.9-billion takeover bid by Exelon Corp. as too low, calling it “a step in the right direction.”
The offer, originally made in October and increased 12% by Chicago-based Exelon on July 2, still undervalues NRG, the Princeton, N.J.-based power producer said.
Exelon, the largest U.S. utility owner by market value, raised its all-stock bid to 0.545 of a share for each NRG share, up from an earlier ratio of 0.485 to 1.
