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Power generation company NRG(NRG Quote) has rejected a $6.08 billion buyout offer from Exelon(EXC Quote).
On Oct. 19, Exelon, also a power generator, made an unsolicited offer to buy NRG in an all-stock transaction with a fixed exchange ratio of 0.485 an Exelon share for each NRG share.
But NRG said in a news release Sunday that its board unanimously rejected the proposal because it "significantly undervalues" NRG.
"Based on the proposed fixed exchange ratio of 0.485, NRG stockholders would own 17% of the combined company while contributing 30% of a combined company recurring cash flow in 2008," the release said. ...
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