I’ve updated some existing positions since I last added info to this blog, so here’s a recap:
JAVA:
Deal to be bought by Oracle instead of IBM. (Approved by shareholders on July 16, 2009). New offer price: $9.50/sh cash. Not sure on deal close date, so I will assume 12/31/2009. My entry was $8.20. I decide to [...]
Tender offer extended: Exelon will continue to offer 0.485 shares of EXC for each share of NRG until Feb 25, 2009.
Also, some large shareholders are siding with NRG on not recommending selling shares to EXC at the current tender off price (more at Reuters).
“Solus Alternative Asset Management LP, a New York-based
investment adviser to two funds [...]
The original deal was to exchanbge 0.485 shares of EXC for each share of NRG. (See this link for all my related posts about NRG.)
“The second rejection by NRG Energy’s board of directors came nearly two weeks after Exelon took its bid directly to NRG Energy shareholders by launching an exchange offer for all [...]
Well, the deal offer is still the same: 0.485 shares of Exelon stock for each share of NRG.
Note:
Exelon said the exchange offer will expire at 5 p.m. EST on Jan. 6, 2009.
So my, my number crunch (which I wrote about here) is still basically the same. However, the new risk for this deal is that, [...]
Update: NRG’s board made an official response today in regards to the offer. Not much new, but still looks like Exelon might go hostile:
Rowe (CEO of Exelon) said that Exelon “will get to a point soon where we consider it appropriate to take our offer directly to NRG shareholders rather than continue to wait [...]
From an article in Barrons today:
The company’s bid for NRG Energy seems risky without enough reward.
and
…the deal is only modestly accretive to Exelon earnings leading us to question the long-term benefit to shareholders. Meanwhile, the challenges to successfully executing the transaction are considerable.
For more on this deal, see my recent blog post with a number [...]
