NRG Energy (NRG) Offers To Acquire Calpine (CPN)
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After the close, NRG Energy, Inc. (NYSE: NRG) confirmed they made an offer to acquire Calpine Corporation (NYSE: CPN) in a stock deal worth approximately $23 per Calpine share as of May 14, 2008.
The proposed fixed exchange ratio would be 0.534 NRG shares for each Calpine share.
NRG Energy said its offer represents a 16% premium to the May 13, 2008 closing price and approximately 20% to the 30-day trading average for Calpine stock price at that time.
Calpine closed at $21.28 yesterday.
Harbinger Capital, Capline's largest shareholder, urged the board of Calpine to review the offer.
Calpine's Board of Directors will continue to review the NRG proposal to determine if it is in the best interest of Calpine’s shareholders. Calpine said that its shareholders need not take any action at this time.
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