Despite its best efforts—and the conviction of hedge fund Seneca Capital—no one appears willing to pay more for energy company Dynegy Inc. that Carl Icahn.
Dynegy said yesterday that its advisers contacted more than 50 potential bidders before Monday night, the deadline for it to find a better deal than the one it accepted from Icahn Enterprises. Icahn, the company's largest shareholder, offered about $665 million for Dynegy.
But that isn't enough for Seneca, which last year worked with Icahn to sink the Blackstone Group's $600 million deal for Dynegy. Seneca blasted the Icahn proposal as "a virtual 'give away' of the company."
Shareholders and regulators must still approve the deal before it can be completed.