NRG Energy, Inc. (NRG), a wholesale power generation company, has made an unsolicited bid to buy Calpine Corp. for $9.56 billion of stock.
NRG offered 0.534 share for each share of Calpine. The offer values each Calpine share at $22.70.
The transaction values the combined companies at $22 billion. The merging will provide both companies with benefits including the scale of the combined companies, various types and locations of power stations and tax benefits.