Exelon redoubles focus on stand-alone growth opportunities
Exelon Corporation has announced that, effective immediately, it is terminating its pending offer to acquire all of the outstanding shares of NRG Energy, Inc. common stock at a fixed exchange ratio of 0.545 of a share of Exelon common stock for each share of NRG common stock.
Exelon took this action in light of the proxy vote results announced today at the NRG annual meeting.
“The NRG shareholders have spoken, and Exelon will move on. We wish NRG and its owners well,” said John Rowe, chairman and chief executive officer of Exelon.
The Company said it believed it could have been successful in completing the transaction, but it was unwilling to raise its price to a level that would undermine Exelon’s own value proposition.
Rowe added, “Now we can redouble our focus on Exelon’s stand-alone growth opportunities. We have the nation’s largest low-carbon nuclear fleet, and our plan to expand our nuclear output through uprates provides even greater upside from carbon legislation. We believe our long-term growth proposition remains the best in the industry.”
Exelon Corporation is one of the nation’s largest electric utilities with nearly $19 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to 485,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.
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