NEW YORK (Reuters) - Power producer NRG Energy Inc <NRG.N> on Sunday rejected an unsolicited $6.08 billion takeover offer from utility owner Exelon Corp <EXC.N>, saying the offer "significantly undervalues" the company.

NRG also said that despite its current rejection, it was ready to do a deal under more favorable terms. Such a merger would create the largest U.S. power producer.

The offer "significantly undervalues NRG and is not in the best interests of NRG's shareholders," NRG said in a statement on Sunday. "The Board thoroughly reviewed Exelon's proposal and reached its decision after careful consideration with its independent financial and legal advisers."

Exelon unveiled its all-stock bid on October 19, offering to pay 0.485 Exelon share for each NRG share, equal to about $27.82 a share at current prices.

The offer, which came after NRG lost half of its market value in two months, reflected a 37-percent premium over NRG's closing share price on the day before the bid was made public.

In a letter to Exelon Chief Executive Officer John Rowe, NRG CEO David Crane and Chairman Howard Cosgrove cited a lack of secured financing as another reason for the rejection, posing "real risk of non consummation to NRG's shareholders."

But the company remains open to a deal at the right price.

"Please be assured that NRG is a believer in industry consolidation and has and always will be a willing seller or buyer when genuine value can be created for both parties," NRG said in the letter.

(Reporting by Jui Chakravorty Das; Editing by Maureen Bavdek)

Publié le 09 novembre 2008 Copyright © 2008 Reuters