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Calpine Corp. rejected NRG's proposal to acquire the independent power producer for $11.3 billion in stock. Calpine said the offer is inadequate and materially undervalues its asset portfolio and future prospects.

NRG Energy Inc. was quoted in news reports as saying it was disappointed that Calpine rejected its buyout offer of $23 a share. NRG reportedly said it was still interested in a combination on terms it had already proposed.

Calpine said its Board has authorized its advisors to contact NRG and its advisors to ascertain whether a basis exists for discussions between the two companies to explore a business combination.

NRG Energy offers $11.3B for Calpine

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