21 July 2009– Exelon is withdrawing its $7.4 billion bid to buy power generator NRG Energy.
NRG shareholders rejected Exelon’s latest efforts, which included proposing a slate of directors for the NRG Energy board. NRG management had rejected two previous offers from Exelon, saying they undermined the company’s value.
NRG said a preliminary vote count at its annual meeting showed shareholders voting to re-elect the company’s nominees to the board over a slate of nominees from Exelon.
“NRG stockholders understood that this vote was all about value and they voted overwhelmingly to send a message that Exelon’s current offer was unfair to NRG stockholders,” David Crane, president and CEO, said in a statement.
“The NRG shareholders have spoken, and Exelon will move on. We wish NRG and its owners well,” said John Rowe, Exelon chairman and CEO.