Exelon plans to extend tender offer for NRG past Jan. 6

By Lisa Kerner

Charlotte, N.C., Dec. 23 - Exelon Corp. said it expects to extend its tender offer for NRG Energy, Inc. "several times" past the Jan. 6 expiration date because it will take months to obtain all regulatory approvals necessary in Exelon's proposed acquisition of NRG.

The number of shares tendered on Jan. 6 will not determine the outcome of the offer, Exelon said in a letter to its employees on Dec. 22.

Exelon reported the filing of an application with the Federal Energy Regulatory Commission seeking its approval and notified the U.S. Department of Justice and the Federal Trade Commission of its intention to acquire NRG.

NRG called Exelon's actions "premature" because it has urged its shareholders not to tender their shares in Exelon's offer, it was previously reported.

"Our goal is to negotiate a friendly deal with NRG based on shareholder support and an overall view that this combination will be better for both companies and their shareholders," president and chief operating officer Chris Crane said in the letter to Exelon employees.

Exelon, a Chicago-based electric company, is offering 0.485 shares of Exelon common stock for each NRG share in the unsolicited offer.

Exelon or its subsidiary, Exelon Xchange Corp., also plan to propose expanding the Princeton, N.J.-based power company's 11-member board to up to 15 members and filling the resulting vacancies with Exelon nominees, a prior news release said.

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