Exelon bid rejected

In a statement released today, NRG announced that its board of directors unanimously decided against the merger because it undervalued the firm and was not in the best interests of shareholders. According to the board, the fixed exchange ratio of 0.485 proposed by Exelon would mean NRG shareholders would own 17% of the combined company, but contribute 30% of a combined company recurring cash flow in 2008.

David Crane, president and chief executive officer of NRG, pointed out in a letter to John

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