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

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note