NRG’s board rejects Exelon’s exchange offer

24 November 2008 — NRG Energy’s board of directors unanimously rejected Exelon Corp.’s unsolicited proposal to exchange 0.485 of its shares for each share of NRG stock. The board also recommended that NRG shareholders not tender their shares into Exelon’s offer.

The board said the exchange ratio Exelon offered was unchanged from the unsolicited proposal Exelon made on Oct. 19. The board considered and rejected that offer on November 9 as not in the best interests of NRG’s stockholders.

Howard Cosgrove, chairman of the board, said the offer “significantly undervalues” NRG and does not reflect the value of NRG’s assets.

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