Exelon announced that, as of 6 January, shareholders had tendered 106,338,942 shares of common stock of electricity generator NRG Energy in its exchange offer, representing just over 45.6% of all outstanding shares of NRG common stock. John Rowe, Exelon's chairman and CEO, said, "We are very pleased with the momentum our exchange offer is receiving among NRG shareholders." Exelon said that it would extend its exchange offer until 25 February. The company made its offer on 19 October 2008 to acquire NRG in a stock-for-stock transaction, with NRG common shareholders exchanging their stock for Exelon stock at the fixed ratio of 0.485 Exelon shares per NRG share. The deal would have valued NRG at around $6.2 billion. In a statement, NRG said, "We take very seriously the views of our shareholders and appreciate the support that our shareholders have provided for the NRG board's decision that the current Exelon offer is highly conditional and significantly undervalues NRG." In November, the board of NRG unanimously rejected Exelon's bid for the company, saying the unsolicited offer grossly undervalues the company and is not in the best interests of its shareholders. If the NRG-Exelon merger goes ahead, it would create the largest power firm in the USA with 47,000 MWe of generation capacity, including 18,000 MWe from nuclear power plants.