NRG proposes to pay $9.56 bln stock for Calpine (CPN, NRG)

If I were CPN I'd make NRG pay up (see links below).
From MarketWatch:

NRG Energy Inc. proposed to acquire Calpine Corp. for $9.56 billion of stock, a move that NRG said would create a powerful nationwide force in wholesale electricity generation.

The merger, NRG said in a statement late Wednesday, would create a power provider with four regional businesses spanning all major U.S. power-generation markets and each currently generating at least 8 gigawatts of power.

The combined company's market capitalization would be around $20 billion, and the deal would in short order provide $100 million of annual savings on general and administrative expense, NRG said....MORE

Some of our previous posts on CPN:

Predatory Borrowers

Calpine seen well positioned after bankruptcy

PG&E Seeks OK For 175MW Geothermal Pact With Calpine (CPN; PCG)