Exelon Takes Bid to NRG Shareholders

By Mark Williams

PHOENIX (AP) -- Exelon(EXC Quote) is taking its all-stock bid of around $6 billion for NRG Energy (NRG Quote) directly to shareholders after NRG executives rejected the bid as being too low.

Exelon said it will start the exchange offer Wednesday for all of NRG's shares.

"While we would have greatly preferred to enter into direct negotiations with NRG's board and management, their decision to reject our proposal, without any discussion with us as to the merits or structure of our proposal, has left us with no choice but to bring the offer directly to the NRG shareholders," John Rowe, Exelon's chairman and CEO, said in a statement. ...