U.S. utility company Exelon has stepped up its efforts to acquire rival NRG Energy in the latest in a series of attempts to pick up the company, according to Bloomberg. Exelon modified its share-for-share offer, effectively raising its purchase attempt to $7.45 billion.
Exelon’s latest offer poses an exchange of 0.545 shares for each NRG share, in increase from Exelon’s initial ratio of 0.485, first made in October of 2008. Exelon’s initial offer had valued NRG at a 37 percent premium; as NRG stock rose and Exelon stock fell, the bid eventually appeared to undervalue the company.
The potential acquirer has also waged a proxy skirmish, having nominated nine independent directors to serve on NRG’s board in the hopes of persuading the company to accept Exelon’s bid. NRG’s annual general meeting will be held on July 21.
NRG Chief Executive Officer David Crane said last month that he had expected Exelon would up its bid, and that NRG would consider a new offer.