NEW YORK (Reuters) - Exelon Corp
EXELON (EXC.NY)said $1.5 billion of newly identified cost savings as well as value created by NRG's recent acquisition of Reliant Energy's
NRG common stock holders will receive 0.545 share of Exelon -- currently around $28.10 -- for each NRG share held. That amounts to nearly 8 percent above NRG's closing share price of $26.05 on Wednesday, and more than 12 percent above Exelon's previous bid, which valued the company at $25.01 at Wednesday's close.
NRG shares were up 1.7 percent, or 45 cents, to $26.50 in premarket trading.
"This is our best and final offer, and we will use the time leading up to the NRG annual meeting on July 21 to communicate the value of our new offer to NRG shareholders," Exelon Chief Executive John Rowe said in a statement.
Exelon made its previous bid of in October, when the global economy was in shambles. That bid, which offered 0.485 Exelon shares for each NRG share, had come under fire from analysts and investors as NRG's stock price rose above Exelon's offer price.
Exelon has nominated a slate of directors to stand for election at NRG's annual meeting, which is scheduled for July 21.
The value of the revised deal is based on Exelon's closing price on Wednesday of $51.56 a share and about 265 million NRG shares outstanding.
Exelon said it is confident, based on discussions with its outside advisers, that the company will be able to meet all financing needs associated with the transaction, including the refinancing of $4.7 billion of NRG's senior notes and other debt.
(Reporting by Michael Erman in New York and Hezron Selvi in Bangalore; Editing by Mike Miller and Derek Caney)