Monday, 22 December 2014
Last updated 2 hours ago
Oct 12 2010 | 1:07pm ET
A pair of hedge funds have thrown a monkey-wrench into the Blackstone Group's $4.7 billion buyout of power company Dynegy.
Carl Icahn's Icahn Enterprises has acquired a 10% stake in Dynegy and announced his opposition to the Blackstone deal. In a filing with the Securities and Exchange Commission, Icahn said it believed Houston-based Dynegy's "shares were undervalued" and that it does not "believe that the consideration agreed in the proposed merger is adequate."
Blackstone has offered $4.50 per share; Dynegy shares are currently trading above that. The private equity giant has said it will not offer more for the company.
Meanwhile, hedge fund Seneca Capital has taken a 9.3% stake in Dynegy. While Seneca has not announced its outright opposition to the Blackstone deal, it did say that it has "contemplated and reserve[s] the right to implement plans or proposals with respect to the issuer as a means of enhancing shareholder value, whether alone or with third parties."
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.