No Competition For Icahn In Dynegy Bid

Jan 26 2011 | 2:40am ET

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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...