NRG Energy, Inc. Sends Letter to NRG Stockholders
PRINCETON, N.J.–(BUSINESS WIRE)–NRG Energy, Inc. (NYSE: NRG) today filed its preliminary proxy statement and sent the following letter to NRG stockholders regarding Exelon Corporation’s (NYSE: EXC) attempt to expand NRG’s Board of Directors from its current 13 directors to 19 directors and elect a slate of its nine directors to NRG’s Board of Directors, all to impose on NRG’s stockholders its wholly inadequate, highly conditional and risky unsolicited proposal to acquire NRG by means of its offer to exchange 0.485 of its shares for each share of NRG stock.
April 2, 2009
Dear NRG Stockholders:
Exelon’s preliminary proxy filing proposes to expand NRG’s Board of Directors from its current 13 to 19 directors and nominates a slate of nine Exelon directors—four of whom will contest the four Board positions up for election and the other five who Exelon expects to fill the new directorships.
It is your Board of Directors’ and management’s strong belief that Exelon’s proposal is not in NRG’s stockholders’ best interests. Our view is that Exelon’s actions are not intended to improve or augment the strategic direction of NRG or to otherwise maximize the value of your stake in NRG. Rather, we believe it is an attempt to elect to the NRG Board a slate of Exelon-paid directors, none of whom have significant experience in the power industry, so that Exelon can seek to compel your Company to accept its current, severely inadequate bid.
Whether or not you plan to attend the NRG annual meeting, you and other holders of NRG shares, will have the opportunity to tell Exelon, in no uncertain terms, that it cannot deprive you of the true value of your investment by voting the WHITE proxy card.
DON’T SIGN ANY BLUE EXELON CARDS YOU MAY RECEIVE
Exelon’s offer today is even more inadequate than when it was first made in October 2008, because of Exelon’s worse than expected performance, diminished prospects and weakened stock price
