The board of directors at NRG sent a response to Exelon today, claiming the July 2, 2009 offer of an all-stock transaction with a fixed exchange ratio of 0.545 of a share of Exelon common stock for each NRG share, was not in shareholder's best interests. "Indeed, by any objective analysis, the increase in your offer fails to adequately compensate NRG stockholders even for the value created by NRG since your original offer was launched," the statement said.

Exelon, a Chicago-based utility, first