NRG Energy Makes Offer for Calpine

Shares in power company Calpine Corp. jumped Thursday following an all-stock offer from power wholesaler NRG Energy Inc, currently valued at $10.8 billion.

Calpine, which has dual headquarters in San Jose, Calif., and Houston, revealed details of the unsolicited all-stock bid Wednesday after one of its shareholders released a letter stating that an offer had been made last week.

The takeover attempt comes less than four months after Calpine emerged from a two-year stint operating under Chapter 11 bankruptcy protection.

During its stay in bankruptcy court, Calpine jettisoned more than 1,000 employees, or one-third of its work force, while reorganizing more than $20 billion in debt.

Originally published by Bloomberg, AP and staff reports.

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