Blackstone's Dynegy Takeover Bid Ends

Nov 23 2010 | 2:09pm ET

Despite a last-minute sweetener from the Blackstone Group and desperate urgings from Dynegy Inc.'s management, the $600 million deal is dead.

The private equity firm and the power company agreed  to scrap the takeover deal in the face of stiff investor opposition. Last week, Blackstone boosted its bid by more than 10% and Dynegy extended the deadline for shareholders to vote in an effort to boost the flagging effort, which is vocally opposed by hedge funds Icahn Associates and Seneca Capital, who together own nearly 20% of Dynegy's shares.

Dynegy CEO Bruce Williamson called out both firms in announcing the end of the Blackstone bid.

"We will immediately engage interested parties, including Seneca Capital and Icahn Associates, who may have an interest in making an offer to acquire Dynegy," Williamson said.

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