Sunday, 3 May 2015
Last updated 1 day ago
Dec 16 2010 | 1:14am ET
Icahn Enterprises helped sink the Blackstone Group’s bid to buy power company Dynegy Inc. Now, the hedge fund is moving to take the private equity giant’s place.
New York-based Icahn struck a deal to buy Dynegy for $665 million. That’s 10% more than Blackstone offered in a bid rejected by Dynegy shareholders.
The power company still has until Jan. 24 to find a higher bid under the terms of the agreement.
It is unclear whether Icahn’s ally in the battle against Blackstone, hedge fund Seneca Capital, will remain on its side. Seneca has said Dynegy is worth $6.50 per share; Icahn is offering $5.50.
It may not need its support, however. Some 37% of Icahn’s fellow shareholders backed Blackstone’s lower bid, and the hedge fund owns about 10% of Dynegy. If the firm can convince just about 3% of shareholders who did not vote for Blackstone’s deal, Seneca’s support will not be necessary.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…