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InvestorGuide Stock Analysis

The Shareholders are Favoring Exelon
Excerpt from the InvestorGuide.com Stock of the Day on 2/26/2009

It seems that shareholders of NRG Energy (NRG: Charts, News, Offers) are in favor of a merger with Exelon. Announced this morning, they were able to garner a majority of the common stock outstanding in a hostile bid for the New Jersey-based power generation company. The current offer followed two proposals that were rejected by NRG's management team. At that time, CEO David Crane said that the deal favored Exelon's shareholders. Given today's turn of events, it seems shareholders feel otherwise. Will this third attempt be the one that pays off, or will it be strike three for the company?

All things considered, it will probably result in a payoff, even though this deal is no different than the previous one that was rejected by NRG's management. It still offers a fixed 0.485 shares of Exelon for every one of NRG's, regardless of what happens to stock prices. This values the acquisition at $5.8 billion, down from $6.1 billion back in November when it was originally declined. The main difference here is that the Chicago-based power generation company took the offer straight to stockholders. As a result, they have tendered 125.4 million shares or 51 percent of common stock. Earlier in January when the first tender offer deadline was reached, this figure was only at 45.6 percent. While executives of both companies ended up meeting as a result of this figure, no agreement was made. Since then, the deadline was extended until February 25. However, Exelon has decided to prolong things further by extending the offer through June 26. They are also fighting to have the number of board members for NRG increased. Specifically, they are aiming for 19 individuals on the target company's board. They even publicly nominated 9 people to fulfill some of those positions. There are only 12 members serving right now. More >

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Morningstar Analysis for Exelon

Exelon (EXC) Upgrades

Date
Analyst
Old Rating
New Rating
10/21/2008
Gabelli
Hold
Buy
09/04/2008
Jefferies & Co.
Hold
Buy
05/27/2008
Goldman Sachs
Neutral
Buy
05/20/2008
Credit Suisse
Neutral
Outperform
05/20/2008
Deutsche Bank
Hold
Buy
03/03/2008
Jefferies & Co
Hold
Buy

Exelon (EXC) Downgrades

Date
Analyst
Old Rating
New Rating
07/27/2009
Wells Fargo
Outperform
Market Perform
03/11/2009
Deutsche Bank
Buy
Hold
10/21/2008
Jefferies
Buy
Hold
05/28/2008
Citi
Buy
Hold
04/18/2008
Jefferies & Co
Buy
Hold
12/19/2007
Jefferies
Buy
Hold

Exelon (EXC) New Coverage

Date
Analyst
Rating
06/12/2009
Davenport
Buy
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