NRG rejects Exelon bid

PRINCETON, N.J., Nov. 10 (UPI) -- New Jersey-based NRG Inc. on Sunday rejected a $6.1 billion takeover bid from Exelon.

The unsolicited takeover bid was made in October by Chicago-based Exelon and would have made it the largest power generation company in the United States, the Chicago Tribune reported.

The all-stock offer was made at a 37 percent premium, but because stocks are down across the board, the offer was not as attractive to NRG stakeholders as it might have been at another time.

NRG Chief Executive Officer David Crane wrote in a letter rejecting the offer that he was not confident Exelon had committed enough funding to successfully complete a merger.

Crane also questioned Exelon's ability to manage the number of power generation facilities it would be managing after a takeover.