Exelon deal on table at NRG

PRINCETON, N.J., July 20 (UPI) -- Shareholders at U.S.-based NRG Energy will consider nominees to its board of directors offered by Exelon, which is engaged in a hostile takeover bid.

Exelon has moved since October to acquire NRG Energy, raising its latest offer 12 percent to $7.5 billion. NRG rejected the July 8 offer, issuing a letter to Exelon saying "the revised offer is not in the best interest of NRG stockholders in that it continues to substantially undervalue NRG."

NRG cites its deal to purchase a Texas subsidiary of Reliant Energy as contributing to the demands for more money, though Exelon complains that value is difficult to determine without viewing confidential corporate information.

Exelon, for its part, has offered nine names for consideration on the NRG board and requested an increase in the number of board members from 14 to 19.

Shareholders at NRG are expected to consider the proposal at their next meeting Tuesday, with the results determining the direction of the Exelon takeover bid, the Financial Times reports.

Exelon said it would "press forward" with its NRG bid if its full slate of board members is approved while backing away from the deal if none of its candidates are nominated.