DEFA14A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant þ
Filed by a Party other than the Registrant o
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material Pursuant to §240.14a-12 |
NRG Energy, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
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No fee required. |
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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Per unit price or other underlying value of transaction
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Proposed maximum aggregate value of transaction: |
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Fee paid previously with preliminary materials. |
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing. |
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Amount Previously Paid: |
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Form, Schedule or Registration Statement No.: |
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Date Filed: |
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On June 19, 2009, David Crane, President and Chief Executive Officer of NRG Energy, Inc.
(NRG), issued the following letter to employees of NRG:
[NRG ENERGY, INC. LETTERHEAD]
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Date: |
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June 19, 2009 |
To:
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All Staff |
From:
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David CranePresident and CEO |
Subject:
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Exelon Q&A |
Please see below our answers to the latest questions we have received from all of you.
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Where will this years Annual Meeting of Stockholders take place? |
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Our 2009 Annual Meeting of Stockholders will be held on July 21, at the Hyatt Regency in
Princeton, NJ at 10:00 am eastern. |
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When does NRG file its definitive proxy statement, and when will I receive my WHITE proxy
card in the mail? |
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We filed our definitive proxy statement on June 16 and began the mailing process on the same
day. If youre an NRG stockholder (as of June 15) you can expect to receive your NRG proxy
statement, which will contain a WHITE proxy card, shortly. Once you receive NRGs proxy
statement, you can vote your shares for our nominees by promptly signing, dating and returning
the enclosed WHITE proxy card. |
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You may also vote by phone or internet by following the instructions on the proxy card. If you
agree with our Board and managements decision that Exelons offer significantly undervalues
NRG, we ask that you vote the WHITE proxy card and simply disregard Exelons
blue proxy card. Your vote is important, no matter how many or how few shares you own. |
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NRGS BOARD UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS: |
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Vote FOR NRGs four experienced and highly qualified INDEPENDENT
directors John F. Chlebowski, Howard E. Cosgrove, William E. Hantke
and Anne C. Schaumburg; and |
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Vote AGAINST Exelons proposal to expand your Board and thereby reject
the Exelon expansion slate of nominees. |
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For more details, see our June 16 news release, which includes our letter to
shareholders , plus voting recommendations. |
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What if I get more than one proxy card in the mail? |
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It is likely that you will get multiple cards in the mail, but we recommend promptly signing,
dating and returning the WHITE proxy card, then simply discarding future mailings. Its
important to remember that it is the last proxy card that you send in which counts for the
proxy. |
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We recommend that you do not vote the blue Exelon proxy card at all as it will cancel
your previous vote for NRG. Details for all of these voting options will be provided in our
proxy statement. If you have any questions about the voting process or need additional
assistance before voting your shares, you should call Mackenzie Partners, Inc., which is
helping NRG in this matter, at 800.322.2885. |
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As an employee of NRG, I have been given Restricted Stock Units (RSUs). Will I get a proxy
statement and proxy card to vote? |
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If youve been granted RSUs, the terms of your grant agreement provide that the RSUs vest
(become owned by you as common shares) at a certain designated period. In order for you to vote
at our annual meeting, at least some of your shares must have vested as of June 15. If your RSU
shares are vested, you should receive a proxy card in the mail, allowing you to vote. |
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How soon after the annual meeting will we learn the results of the proxy contest? |
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NRG will likely announce the preliminary results of the proxy contest shortly following the
meeting. However, the official results will not be finalized until several weeks after the
meeting, once they have been certified by an Independent Inspector of Elections. |
6. |
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What are the results of Exelons latest exchange offer? |
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On June 17, Exelon said that as of June 16, approximately 12% of the outstanding NRG shares
were tendered into Exelons exchange offerdown from 51.3% in February. |
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These results show a marked deterioration in overall support for the Exelon exchange offer by |
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NRG stockholders, and Exelons decision to extend its exchange offer to August 21, ahead of its
scheduled expiration, is recognition of this. Our view is that the low number of shares
tendered reflects the understanding of NRG stockholders that the value NRG has created over the
past eight months greatly outweighs the value of Exelons proposal, which, based on the June 16
closing price for both stocks, represents a premium of only 3.6% to NRG stockholders. |
7. |
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Exelon said it has a Board of Directors meeting on June 30. Do you think they will raise
their bid for NRG at that time? |
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We dont know for certain what will be discussed at Exelons Board meeting, but public comments
have indicated that their hostile bid for NRG would be on the agenda. NRGs Board found
Exelons bid eight months ago to be inadequate. As you know, since then we have executed on
several significant value-enhancing actions. We acquired Reliant Energys retail assets, which
we expect will add more than 10% to NRGs EBITDA in its first full yeara business addition we
estimate to be worth $4 to $5 per share in value |
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to NRG stockholders. STP 3&4 was recently selected as one of only four nuclear development
projects advanced by the U.S. Department of Energys nuclear loan guarantee program. Further,
our eSolar agreement to acquire rights to develop solar power plants totaling 500MW, our
substantially hedged baseload position, the MIBRAG asset sale, and the 400MW GenConn gas
peaking facilities financing, exemplify the value weve added to NRG in recent months. |
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There has been some indication, again largely through comments attributed to John Rowe, who is
Chairman of Exelons Board of Directors as well as their President and CEO, that Exelon
acknowledges this dynamic so hopefully their board will do a service to both companies
shareholders either by increasing their offer by a very substantial amount, or by ceasing their
hostile actions against NRG. |
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If they do increase their offer or change it in any way, the NRG Board will conduct a thorough
review of its sufficiency as it did with Exelons original and unchanged offer. |
8. |
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Whats the latest on the regulatory approvals Exelon needs for any bid to succeed? Has the
U.S. Department of Justice issued a ruling yet? |
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Exelon has not yet received approval from the Department of Justice or the Nuclear Regulatory
Commission (NRC). On a state level, approvals from California, New York, Pennsylvania and Texas
are still needed, and a notice must be filed in Illinois. Additionally, Massachusetts may also
have to weigh in on the offer. As weve said for some time now, the timing to overcome these
obstacles remains uncertain. |
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While the Federal Energy Regulatory Commission (FERC) recently approved Exelons hostile
proposal for NRG, Exelon has faced similar regulatory review in two previous failed
transactions Public Service Enterprise Group (PSEG) and Illinois Power. In the case of PSEG,
Exelon received approval from FERC, yet after two years and after spending approximately $130
million in the process, no transaction was consummated. |
If you have further questions, please send them to NRGCommunications. We will use them in
upcoming communications as much as possible. And be sure to visit the Exelon Information Center via
the link on the Insider front page for the latest information.
Important Information
In connection with its 2009 Annual Meeting of Stockholders (the 2009 Annual Meeting), NRG Energy,
Inc. (NRG) has filed a definitive proxy statement on Schedule 14A with the Securities and
Exchange Commission (the SEC). INVESTORS AND STOCKHOLDERS OF NRG ARE URGED TO READ THE PROXY
STATEMENT FOR THE 2009 ANNUAL MEETING IN ITS ENTIRETY BECAUSE IT CONTAINS IMPORTANT INFORMATION.
In response to the exchange offer proposed by Exelon Corporation referred to in this communication,
NRG has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. STOCKHOLDERS
OF NRG ARE ADVISED TO READ NRGS SOLICITATION/ RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 IN ITS
ENTIRETY BECAUSE IT CONTAINS IMPORTANT INFORMATION. This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities of NRG.
Investors and stockholders will be able to obtain free copies of NRGs definitive proxy statement,
the Solicitation/Recommendation Statement on Schedule 14D-9, any amendments or supplements to the
proxy statement and/or the Schedule 14D-9, any other documents filed by NRG in connection with the
2009 Annual Meeting and/or the exchange offer by Exelon Corporation, and other documents filed with
the SEC by NRG at the SECs website at www.sec.gov. Free copies of the definitive proxy statement,
the Solicitation/ Recommendation Statement on Schedule 14D-9, and any amendments and supplements to
these documents can also be obtained by directing a request to Investor Relations Department, NRG
Energy, Inc., 211 Carnegie Center, Princeton, New Jersey 08540.
NRG and its directors and executive officers will be deemed to be participants in the solicitation
of proxies in connection with its 2009 Annual Meeting. Detailed information regarding the names,
affiliations and interests of NRGs directors and executive officers is available in the definitive
proxy statement for the 2009 Annual Meeting, which was filed with the SEC on June 16, 2009.
Forward-Looking Statements
This communication contains forward-looking statements that may state NRGs or its managements
intentions, hopes, beliefs, expectations or predictions for the future. Such forward-looking
statements are subject to certain risks, uncertainties and assumptions, and typically can be
identified by the use of words such as will, expect, estimate, anticipate, forecast,
plan, believe and similar terms. Although NRG believes that its expectations are reasonable, it
can give no assurance that these expectations will prove to have been correct, and actual results
may vary materially. Factors that could cause actual results to differ materially from those
contemplated above include, among others, risks and uncertainties related to the capital markets
generally.
The foregoing review of factors that could cause NRGs actual results to differ materially from
those contemplated in the forward-looking statements included herein should be considered in
connection with information regarding risks and uncertainties that may affect NRGs future results
included in NRGs filings with the SEC at www.sec.gov. Statements made in connection with the
exchange offer are not subject to the safe harbor protections provided to forward-looking
statements under the Private Securities Litigation Reform Act of 1995.