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

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note