Proxy Adviser to NRG Shareholders: Vote No

Well, things are certainly never dull in the drama that is Exelon's ( EXC) continued hostile attempts to wrest control of NRG Energy ( NRG).

According to Reuters, events turned sour for Exelon on Friday. A proxy advisory firm, Proxy Governance, recommended that NRG Energy shareholders turn down both a slate of directors endorsed by Exelon and an Exelon plan to expand the number of director slots. NRG Energy's shareholder meeting is set for July 21.

Earlier last week, the NRG Energy board turned down Exelon's most recent all-stock bid, which raised its offer to 0.545 shares for each NRG share.

"Far from being entrenched, the company's management and board are open to strategic discussions which might maximize shareholder value -- and that the issue remains what it was last September, the question of whether Exelon will pay full value for the company's existing operations and future potential," Proxy Governance wrote, according to Reuters.

If the deal ever comes together, the combined entity would be largest power generator in the U.S.

Shares of NRG Energy were losing 2.4% this morning, while Exelon was gaining 0.8%.

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