Calpine Rejects NRG Takeover Bid

A merger that would have united the two largest U.S. independent power producers has hit a roadblock. Calpine Corp. (CPN) has rejected NRG Energy Inc.’s (NRG) initial offer, saying the 0.534 shares for each share of Calpine’s approximately 500 million shares outstanding is inadequate. “I don’t think anyone should be surprised by Calpine’s announcement,” Gordon Howald, an analyst with Calyon Securities USA Inc. in New York, told Bloomberg News . Howald has a “buy” rating on NRG shares, but doesn’t own any. “If they were to accept the first bid as laid out, they would probably be doing their shareholders a disservice.” Calpine… SHARETHIS.addEntry({ title: "Calpine Rejects NRG Takeover Bid", url: "http://jutiagroup.com/2008/06/02/calpine-rejects-nrg-takeover-bid/" });