Monday, 2 March 2015
Last updated 37 min ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…