On Monday, in an all-stock deal, Mirant and RRI Energy agreed to merge and create GenOn Energy. Neither company, most likely, would have been acquired at any sort of a premium.
Terms of the merger: 2.835 shares of RRI Energy common stock for each Mirant share. Mirant stockholders will own 54 percent of the new company, while RRI Energy will own 46 percent. Basically, this is an at-market deal.
So, will GenOn Energy become a leading independent power producer? Time will tell.