Notable Mergers and Acquisitions of the Day 10/20: NRG/EXC, AENA/PSUN, ITRA
Down)- NRG Energy, Inc. (NYSE: NRG) received an unsolicited proposal from Exelon Corporation (NYSE: EXC) to acquire all of the outstanding shares of NRG Energy at a fixed exchange ratio of 0.485 Exelon shares for each NRG common share.
NRG's Board of Directors will review Exelon's proposal with their advisors and determine the appropriate response in due course. NRG stockholders are advised to take no action at this time pending the review by NRG's Board of Directors.
- Adrenalina (OTCBB: AENA) submitted a proposal to the Board of Directors of Pacific Sunwear of California (Nasdaq: PSUN) to enter into negotiations that will lead to the acquisition of PacSun for a price of $4.50 per share, consisting of a combination of cash and Adrenalina common stock.
Adrenalina's acquisition proposal represents a premium of 24% above the closing price of PacSun common shares of $3.62 on October 17, 2008.
- Intraware, Inc. (NASDAQ: ITRA) entered into a definitive agreement under which Intraware will be acquired in a transaction valued at approximately $27 million, or $4.00 per share of common stock.
The offers represents a premium of approximately 29% over the closing price of Intraware's common stock on October 17, 2008.
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